Scenario 2: Multi Member LLC
If you have a multi-member LLC (assuming it's actually registered as such with your state) then you are required to file a 1065 Multi-Member LLC/Partnership return. The 1065 is due by March 15th. One day late, and the late fee is $205 per month, per member. So file it March 16th and it'll cost $410 in late fees.
With a multi-member LLC, once you complete the 1065 return the multi-member will issue each individual owner their own K-1 form which will show each owner's share of everything (income, expenses, depreciation, etc.). Each owner will need that K-1 before they can even start their personal 1040 tax return. Information from the K-1 is entered into the personal TTX program and all data for residential rental real estate will end up on page 2 of the SCH E.
So either way, your rental stuff "still" gets reported on SCH E as a part of your personal tax return.
To complete the 1065 return you will have to purchase TurboTax Business, which is not the same as Home & Business. TurboTax Business is for the Windows operating system only. It's not available for MACs or as an online product. Windows only. You can get it at Scenario 2: Multi Member LLC Just select the "Corporation/Partnership" button, then scroll down to see.
