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Get your taxes done using TurboTax
In this case, you can follow my instructions to report the subsidiary LLCs as rental activity for Form 1065. The net income/loss will flow through to the partners as follows: LLC >> Partnership >> partners (K-1s).
To be clear, the individual LLCs will not file separate tax returns. Only the partnership will file Form 1065, which will include K-1s to send to the partners. They in turn will include the K-1 activity on their personal tax returns.
You do have the option to use TurboTax Live Full Service Business, which allows you to work one-on-one with a business tax professional who will prepare your return.
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March 5, 2023
1:10 PM