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General Chat

Depreciation after transfer to LLC

Randall

By Randall
March 31, 2016 in General Chat

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Randall

Randall

Posted March 31, 2016

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Posted March 31, 2016

Two brothers owned rentals, reported half each on Sch E. Formed an LLC, transferred property to LLC. My understanding is that the assets and depreciation just continue from their original depreciation schedules. But I can't 'quickly' find verification of that. I don't think the LLC starts over with previous NBV. Just looking for some reference.

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