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This is more for Intuit programmers to look at.
Ok, a Dynasty Trust was created in 2024 and the LLC's were transferred over to the trust.
So, the parents will record their portion of the rental properties on their returns for Jan - Sep.
The Dynasty trust will record their portion of the rental properties for Oct - Dec. (Form 1041)
Here is the information that I entered:
Refrigerator,
Dated placed in Service 06/01/2021
Type of Asset: F (Rental Appliances)
Next, select the Quickzoom to Asset Life
First tax year is 2020. (The asset was acquired in 2021)
Note, in Part II of the Information worksheet I selected short year beginning date 10/1/2024 Ending Date 12/31/2024. Maybe this is the cause of the problem?
Thank you for any assistance.
OtterfromWI