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Which tax form to complete when transferring a rental property into an LLC in 2023?

Level 1

I have a rental property that I put in a 2 member LLC in 2023, which tax form in my 1040 that I should use to show that i no longer have the rental property?

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2 Comments 2
Level 11

There is no form required as part of the 1040..remove Schedule E worksheet from the 1040 if it was gone for the entire tax year.. that should remove the assets as well.

Level 15

Are you using ProSeries to prepare Form 1065?

You might be lost on the internet.

You’ve come to a Peer User community for Intuit Income Tax Preparation products supporting tax preparation professionals using ProSeries, Proconnect and Lacerte Tax Preparation programs, and you may be looking for support as an individual taxpayer using TurboTax. Please visit the TurboTax Help site for support.

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