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ad05
Level 1

I have a partnership llc on the business taxes where do I intially put the purchase of a property? No income

 
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9 Replies

I have a partnership llc on the business taxes where do I intially put the purchase of a property? No income

Which TurboTax version are you using? Is your LLC a single-member or multi-member LLC?

ad05
Level 1

I have a partnership llc on the business taxes where do I intially put the purchase of a property? No income

multi-member and business turbotax

 

I am still not certain that we need to file a tax return with no income...

 

 

I have a partnership llc on the business taxes where do I intially put the purchase of a property? No income

Multi-member LLCs are treated the same as partnerships in terms of filing requirements.

 

You need to file a return (1065) for the LLC unless it had absolutely no income and no expenditures.

ad05
Level 1

I have a partnership llc on the business taxes where do I intially put the purchase of a property? No income

Also this is for the 2017 taxes 

I have a partnership llc on the business taxes where do I intially put the purchase of a property? No income

Then the return is extremely late if the LLC was required to file for that year. 

 

You might want to seek professional guidance as there are severe penalties for late filing.

ad05
Level 1

I have a partnership llc on the business taxes where do I intially put the purchase of a property? No income

We had no income but there was expenses. Where does the purchase of the property go?

I have a partnership llc on the business taxes where do I intially put the purchase of a property? No income

What type of property?

 

Rental property is reported in the Rental section of the program while business property is reported in the Business Assets section.

ad05
Level 1

I have a partnership llc on the business taxes where do I intially put the purchase of a property? No income

It's land ( that we will hopefully build on).  So business assets?

I have a partnership llc on the business taxes where do I intially put the purchase of a property? No income

Land is not a depreciable asset so it is somewhat immaterial at this point. Obviously, your balance sheet should reflect the property as an asset, though.

 

Property taxes and, possibly, investment expenses and maintenance costs can be deducted provided the land is held for investment purposes.

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