My Wife and I have had a rental house for several years and used TT to file our taxes. This year, we paid off the house and established an LLC for the property. The LLC is owned by my wife and I and is registered in the state of Texas. Establishing the LLC has raised a few questions for filing this year. I'm hoping someone can help.
1) Which TurboTax do I need this year (Premier, Home & Business or Business)?
2) I want to claim the cost establishing the LLC. Do I just claim it as an expense under the property? If so, what category?
3) I know from reading several discussions that I don't need to file a schedule C since this is passive income. That said, is there anything special I need to do besides filing my normal joint return?
Thanks for any advice you can provide!
