Basis for Property transferred to LLC

[BOB W]

Who is the NEW PARTNER?

[TAXNJ]

Also consider looking at TTB starting 20-13 “Partnership Basis”

[TaxGuyBill]

It is often referred to as "step in the shoes", meaning that depreciation continues as if nothing changed. Original Basis, original placed in service date, etc.

[S&D Associates]

Depreciation continues as it was?

[New York Enrolled Agent]

Does IRC 722 give you the answer?

[S&D Associates]

I have a client who owned a rental apartment building and then formed an LLC Partnership for the building. What would the starting basis for depreciation be? Would it continue from where it currently was at transfer or begin anew from when it was transferred?