I recently deeded a rental property my wife and I owned to an LLC. This happened about the middle 2009. I have been depreciating this property previously while it was privately owned. Do I depreciate the 2009 for one half of its yearly (MACRS- SL- MM) to my personal tax return and also one half to my LLC return ? (This is a income pass thru, two member LLC ).
With questions like these I 'always' recommend you speak with a reputable tax attorney. You don't want to go with information obtain off the internet, you want to know the person telling you exactly what you can and should do is educated properly on business taxes and realestate taxes. This cost should be minimal and only will require a 30-60 minute consultation.
jbeidle | Contributor | 4/14/2010 - 8:30 am
NRiddle | Contributor | 4/7/2010 - 8:04 pm
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