Multi Member LLC/Husband and Wife

[Acownt4it]

Husband and wife have several rental properties. In October 2012 created LLC and put properties in LLC. I need confirmation on how I am filing their taxes.
1. Schedule E's for properties in personal names and ss#'s through September 2012.
2. Dispose of assets as of 9/30/12 from personal Schedule E's
3. Prepare (2) Schedule E's for new LLC and split income, expenses and depreciation at 50% for husband and wife.
4. Assets for LLC will be at the basis that they were disposed of on 9/30/12.

Does this sound correct?

[Gretel]

Husband and wife have several rental properties. In October 2012 created LLC and put properties in LLC. I need confirmation on how I am filing their taxes.
1. Schedule E's for properties in personal names and ss#'s through September 2012.
2. Dispose of assets as of 9/30/12 from personal Schedule E's
3. Prepare (2) Schedule E's for new LLC and split income, expenses and depreciation at 50% for husband and wife.
4. Assets for LLC will be at the basis that they were disposed of on 9/30/12.

Does this sound correct?

No, it does not.

Only if community property state you can disregard partnership treatment for h/w. We had several posts on this issue in the past. If you are indeed in a property community state then you can continue to file the Schedule E's as you have before, assuming that the split was 50/50 before, which is not clear in your post.