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Auxmed
New Member

Which turbotax software is right for me?

I have two residential rental properties that are now LLCs owned by my wife and I as single owner members.  I understand these can be classified as a "disregarded entity" for income tax purposes and we can enter info on either schedule C or E.  I believe this also requires entering form 568 for each LLC.  Is Turbotax Home and Business the proper desktop software?

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1 Reply
pk
Level 15
Level 15

Which turbotax software is right for me?

@Auxmed ,  if you are filing a schedule-C   ( RealEstate professional / sole Proprietor )  or Schedule-E  (for the  Rental properties) covering the llc earnings and expenses , as  dis-regarded entities, then TurboTax H& B is  prefect for such . 

If on the other hand  you choose to file  at the entity level , then you need to use TurboTax Business/ Fiduciary, then issue the K-1  to the owners  and that then goes to your 1040.

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