I have been using TurboTax Premier for the last 10+ years, mainly to support our 3 rental properties. We made some changes in 2022, in which we sold 1 of the rental properties, and using a 1031 Exchange, converted that to 3 DST investments. Additionally, we sold the property to an LLC that was setup by us (as members) so that we could work with a developer (also a member) to build a spec house to sell sometime in 2023. The LLC was setup as a Partnership. The 1031 Exchange completed while the home was still in the state of a rental property (original structure). My wife and I took out a construction loan to finance the build project, which was done outside of the LLC.
Our questions are as follows:
- Can TurboTax Premier support the 1031 Exchange and the 3 DST investments?
- The rental property used in the 1031 Exchange was not fully depreciated. How do we carry its depreciation to the 3 DST investments?
- Do we need TurboTax Business to support our LLC, in which we need it to generate a Schedule K that is required as part of our personal taxes? What sort of information would go into the TurboTax Business/ Schedule K - as no financial gains have been realized at this point. The only activity the LLC has performed is purchasing the rental property, and undergoing construction - both of which are using funds from our personally financed construction loan (outside of the LLC).
- Can we upgrade from Premier to Live Premier if we determine that we need assistance to complete our taxes. We have always installed TurboTax on our PCs using a CD, not using the web based version. Can we still upgrade to Live Premier as an incremental cost - paying the difference between $69 for the Premier CD and the $139 for the Live Premier service - which would be paying an additional $70 - or do we have to pay the full $139 in addition to the $69?
Any assistance or insight would be greatly appreciated!
