Yes, a partnership is required to file Form 1065 every year. The due date was March 15 but you should still file a return. You'll need to use TurboTax Business (online or desktop). TurboTax offers an assisted version, which may be helpful for filing quickly.
Only the owner(s) of the property may claim mortgage interest and property taxes. All other expenses paid by the LLC should be reported on the partnership return.
If the partnership was formed to run the rental business, the property should be deeded over to the LLC. The value of the property at the time of the transfer will be considered a capital contribution to the partnership (which increases the partners' basis in the investment).
You may wish to consult with a local tax attorney for advice specific to your investment situation.
**Say "Thanks" by clicking the thumb icon in a post
**Mark the post that answers your question by clicking on "Mark as Best Answer"
