USA Schedule E Real Estate Property contributed to LLC

Mar 31, 2022
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United States
Have a new client that thought it would be a great idea to move 2 rental income properties into 2 1065s. She & husband thinks they'll have legal protect with the LLCs, so it has to be a great idea to put them into separate 1065s (they are not in a community property state). I think it's nuts this was even suggest to them, let alone the SE tax that will now kick in.

They have a ton of prior depreciation and I'm using ProSeries which I can't seem to find a way to move assets so that the partnership has the basis of the contributors & not trigger a gain on schedule E.


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