Transfer of Commercial Rental Property from 1040 to 1065

[David]

TP set up an LLC for commercial rental property. H&W are members.

Since the asset is being transferred I would think that the asset would carry over to the 1065 with the original purchase date, cost and accumulated depreciation. The 39 year depreciation period wouldn't start over, would it?

If I show the same original purchase date and accumulated depreciation, etc. will I still be able to file since the purchase date will be prior to the LLC start date?

How should this be handled?

Thanks.

[michaelmars]

you got it right.