Solved

Filing tax returns for LLC

Forum|Forum|2 years ago
February 9, 2024
2 replies
0 views

My wife and I own a rental property in NC and it's registered under an LLC. How should we file tax returns for this LLC and can we use Turbo Tax Premier or do we need to purchase the Turbo Tax Home & Business?

Thank you.

Best answer by PatriciaV

Since you do not live in a community property state, the LLC must file a separate business return (available in TurboTax Business). You would then include the information from two Schedules K-1 on your joint return, which you may prepare using TurboTax Premier.

See this post for specific help: Where do I report rental activity for an LLC?

PatriciaVAnswer

Since you do not live in a community property state, the LLC must file a separate business return (available in TurboTax Business). You would then include the information from two Schedules K-1 on your joint return, which you may prepare using TurboTax Premier.

See this post for specific help: Where do I report rental activity for an LLC?

**Say "Thanks" by clicking the thumb icon in a post**Mark the post that answers your question by clicking on "Mark as Best Answer"

1

12raleighAuthor

Thanks so much for your response. I do have a follow-up question. In your response, you referenced the need to file two K-1 schedules. why is that?

Thank you.

SharonD007

You need to file a Schedule K-1 for yourself and your spouse.

**Say "Thanks" by clicking the thumb icon in a post**Mark the post that answers your question by clicking on "Mark as Best Answer"

P

PaulaM

Enter your K-1s in your personal return by following the instructions in this link.

**Say "Thanks" by clicking the thumb icon in a post**Mark the post that answers your question by clicking on "Mark as Best Answer"

1

12raleighAuthor

Thanks so much for your response. I think I am getting closer to the completion of the return. There's a note in the 1065 saying that I need to file it no later than March 15 2024. Does this mean that March 15 2024 is the deadline for me to file the return for the LLC in order for me to include the schedule K-1 in my personal return?

Thanks again.

T

ThomasM125

In TurboTax Business, how do I complete section B of form 4562? I need a way to enter the residential rental property depreciation deduction in section B of form 4562?

Thanks

Section B on Form 4562 is used to report the depreciation on assets entered into service in the current year. If your rental property was put into service in a prior year, it won't show in section B, it would be reported on line 17 of Form 4562, for assets put into service in prior years. You would need to enter an asset in the asset/depreciation section you will see on the screen that says Review Your (name of company) Rental Summary: