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yeriromi
Level 2
March 11, 2020
Solved

If my client transfered a personal rental property to ther LLc. Can I report this disposition in 1040 as -1 for sales price? Does that mean loss?

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IRonMaN
IRonMaNAnswer
Level 15
March 11, 2020

No

Slava Ukraini!
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5 replies

IRonMaN
IRonMaNAnswer
Level 15
March 11, 2020

No

Slava Ukraini!
    yeriromiAuthor
    Level 2
    March 12, 2020

    Thanks

      IRonMaN
      IRonMaN
      Level 15
      March 12, 2020

      👍

      Slava Ukraini!
      George4Tacks
      George4Tacks
      Level 15
      March 11, 2020

      If they are a SMLLC, then you don't do a thing. It still is a rental shown on Schedule E, but additionally they get to possibly file a state LLC form and pay everyone more money.

       

      Answers are easy. Questions are hard!
        yeriromiAuthor
        Level 2
        March 12, 2020

        thanks

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