@ChristoThomas wrote:
Thank you, This means the product purchased can be used only for Personal (1040 - W2 and Brokerage) , i need to go get a Business one for doing the rentals.
Yes, BUT...
If you live in a community property state, disregard the above. When you have a two-member LLC in a community property state and the only members are spouses, this is reported as a special type of disregarded entity. Each spouse would file a schedule C in their own name reporting half the income and half the expenses from the LLC. (Or two schedule Cs for each spouse if there are two separate LLCs.). You would use Turbotax Self-Employed online, or Turbotax Home and Business installed on your own computer.
If you are not in a community property state, then each LLC files a form 1065 partnership return. This requires Turbotax Business which is only available to install on your own PC, there is no online or Mac version. Each 1065 partnership return will prepare and issue a K-1 statement to each partner. The K-1s are entered on your personal return, and you can use Turbotax Premier online, or Deluxe on the desktop, no need to upgrade to the self-employed version.
Important note: the deadline for 1065 returns was March 15, not April 15, and the late fees are up to $200 per month per partner for each return. If this is your first year, you can probably apply for penalty relief as a first-timer, once you get a bill from the IRS. It is too late to file for a deadline extension for form 1065.
