tiellamo
Level 2
01-13-2022
06:32 PM
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We have been filing our two rental properties on our personal return. We have transferred our rentals to a grantor trust. Do we now have to “dispose” of each depreciable item and close out the schedule E? When I tried that I created a huge loss.
I know that I need a K1 for reporting income and expenses but how do I calculate depreciation for the K1?
Thank you
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