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Level 1

Transfer of a rental property from one of my companies to the other? I own both 100%

I own two companies each of which have their own QB file. Both companies own rental real estate. In January 2019, I transferred one of the properties from Company A to Company B. How do I transfer the cost basis and the accumulated depreciation from Company A to Company B correctly?

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Highlighted
Level 1

Transfer of a rental property from one of my companies to the other? I own both 100%

Here are a few steps before and after your transfer $:

 

  1. The first step is to look at your Profit and Loss and Balance Sheet report for that specific property you want to transfer.
  2. Once you have your $ you would create a journal entry using the same account name and $ you see on the reports.
  3. Company A you are transferring from, the reports you were viewing earlier should have a zero amount.
  4. At the same time Company, B should have the same amount reflected.

 

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