For you to be able to separate residential rental from your commercial you may have to create an LLC for your commercial rentals. You will report your residential rental in Schedule E using Turbo Premier and create an LLC for your commercial rentals. You will also need to elect S corporation status and report the business on a K-1 that will be transferred to your Turbo Tax Premier for filling your individual 1040.
I make the assumption you don't have any partners in your commercial rental, in that case your option will be to elect S corporation status. If you do have a partner then you will prepare a 1065 Partnership return.
**Say "Thanks" by clicking the thumb icon in a post
**Mark the post that answers your question by clicking on "Mark as Best Answer"
