Investors & landlords
It depends on the level of your expertise and how you can navigate the Turbo Tax program. To prepare your return, you will need to purchase a Turbo Tax Business product. The product is user friendly.
- When you begin preparing, the program will begin having you first prepare your business information. See first screenshot.
- After you prepare this, then you would go to federal taxes and report things like rental real estate (Form 8865), income, deductions, and balance sheet, which you will need to report if the partnership has assets of at least $1 million or gross receipts of at least $250,000. See the second screenshot.
My suggestion is to purchase the Turbo Tax Business product and explore its features. Reach back if you have specific questions regarding how to make entries. Also you may consider in having a Turbo Tax live expert do your taxes in this first year. More information regarding live help can be found here.
