All Forum Posts by: Rose Parc

Hi, just sold my rental property held in an llc. 

1) 1099S will be reported on 1065, but how do I increase the cost basis of the house with the improvements made? i.e. new outside hand rails? What if those improvements were made before it turned into a rental property?

2) Recapture depreciation - assuming that means I have to add back to my cost all the depreciation claimed during the rental years?

3) Are there any other places that I have to claim my sale? Schedule D or form 4797?

Thank you!

Thank you everyone for your input. I think @Linda Weyganthas the correct scenario.  While I would like to keep it as simple as possible and would love to put it into a schedule E, I don't think the IRS rules allow me to do that being in a non community property state.  I guess it's necessary to have schedule K's issued even though we are husband and wife?

Hello - My rental property has been rented for most of last year. In the middle of the year we moved it from our personal names to an LLC. The LLC was opened up in both my name and my husbands. Do we file one LLC and continue as normal on our 1040 or do we have to create a new schedule E from when the property became an LLC. And since the LLC is under both of our names do we have to create two Schedule Es under the LLC to reflect each of our shares and split everything 50/50? Thanks!