Hi,
When a multi-member LLC owns property, the LLC does not pay taxes directly. The LLC files an informational return, likely a 1065 for a partnership.
Each member then receives a K-1 from the 1065, which indicates their share of income, deductions, and credits.
When you enter the K-1 into your personal return in TurboTax, the schedule E on your personal 1040 will populate. The schedule E on the personal 1040 reports income or loss from partnerships, S corporations, rental properties, etc.
If you need to prepare a 1065 for a multi-member LLC, you will need to download our TurboTax Business product, please keep in mind that a windows 10 or above computer will be required to download TurboTax Business, it will not work on a MAC computer: Here is a TurboTax link regarding TurboTax Business:
Can I file a multi member LLC with TurboTax?
