I bought a multi-family under my name and then transferred ownership midyear to an LLC. How do I “re-categorize” the property so (1) it appears with the other LLCs in my portfolio and (2) the year-end reports can be printed for the same property separately under each of the two legal names?
@nxxjim I believe it would be cleanest to enter a ‘new property’ with the same address, place it under the portfolio you desire. Then start recording transactions as of the date of transfer. I say this because not only do you want to comingle funds, but you shouldn’t comingle your books either. I am not a CPA but I suspect your CPA will need to record two schedule E forms. I say this because the form has entries for not just property address but also EIN/SSN and Entity name.
-Tom