LLP: Selling building & taxes to be paid, & closing LLP

[Brian G]

I have a business that is set up as an LLP.  I had one office building that I rented out.  There was depreciation that was done as well.

I used Turbo Tax Business last year.

I sold the office building this year, so I will have the capital gains taxes that need to be paid.  Also, I need to close the LLP.

Will Turbo Tax Business be able to figure the capital gains taxes that I owe, and take care of closing and making this my last tax filing?

[tagteam]

---

@Brian G wrote:

Will Turbo Tax Business be able to figure the capital gains taxes that I owe, and take care of closing and making this my last tax filing?

---

TurboTax Business will be able to handle the scenario you described but, having used it in at least one past year, you most likely are already aware that the output is only as reliable and accurate as the input. 

Since the partnership is apparently liquidating, you might want to seek professional guidance.

[Anonymous]

does your state tax LLP's on their income?  (the IRS does not tax LLP's)      if so, the llp will have to pay the state tax.   then all the income and expenses are passed out to the partners and they have to pay federal and possibly state taxes on the income.    The TT business return will not calculate your personal tax liability.