Naila Ahmad Posted March 18, 2008 Report Posted March 18, 2008 My client had a rental property under a partnership from 1995 till 2006. Now he has swiched the same property under a new LLC. An attorney has done this job for him. Do I have to show this transfer as a sale of property from one partnership to another? and recapture accumulated depreciation for all those years as regular incom on the tax return of old partnership. how I am going to report depreciation expense in new LLC, will it be as its first year the property was put into service. Any help will be appreciated. Quote
michaelmars Posted March 18, 2008 Report Posted March 18, 2008 same partners? no change, just add llc to the name and change type of entity Quote
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