Forming an LLC after you own investment property

[Alex Grimes]

I may be slightly overthinking this situation, maybe someone may be able to help clarify my thoughts.

I bought my first investment property a little over a year ago. I am looking into expanding my my portfolio sooner than later. In doing so I am interested in forming an LLC to mitigate liability and increase credibility. In doing so I would be transferring the property into the LLC. How does this effect depreciation when it comes to taxes? Do you continue to claim your original purchase price, or do you now have to claim whatever price you transfer the property for, i.e. $1?

Again, I am probably over thinking this.