I put my existing rental properties into an LLC and now have to file a 1065 instead of Form 1040 Sch E. How do I transfer all the information in the TT for Business?

[nellydroznin]

Not sure how to use 1065 to show that the properties are existing with accumulated depreciation and accumulated passive suspended losses from Sch E in 1040.

[nellydroznin]

The LLC is a multi-member LLC (partnership 50/50) and as such I need to file a 1065.  But I have been depreciating and accumulating passive suspended losses for years using 1040.  This is the first year I am doing a 1065 and do not know how to start a new return but capture all the depreciation and suspended losses and remaining life on the properties.  This was not a sale, we just have these same properties in an LLC.

[ScottT]

The personal edition will not be able to transfer the data to the business edition. Since you have captured all the rental activity information, you will need to create the LLC business and manually enter the data. The business edition is relatively the same process as the individual, just follow the step-by-Step guide to create the business, and reporting of income and expenses.

[ScottT]

Before you file anything, please explain what type of LLC business do you have? Is it a sole-ownership LLC or partnership LLC. IRS definition of a single-ownership is treated as a disregarded entity for tax purpose. So, you would only file a 1040 with Schedule C. For partnership LLC, yes, you would file a 1065 return.