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My wife and I started an LLC to purchase a rental property in 2018. What is the best prep product to use. Is Turbotax Business needed or will Turbotax Premier work?
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It depends. If you and wife are both members of the LLC, you will have to use TurboTax Business and file Form 1065 - Partnership Return. If you only one of you is a member (sole owner) the you are considered "a Disregarded Entity" by the IRS. In this case, you can file as a part of your personal return using TurboTax Premier, Online or Desktop. I prefer the Desktop version for rental properties because of the Forms mode.
Please Note: TurboTax Business is a Desktop Program, that you install/download to your hard drive. It is only available for Windows.
See the following for more information:
TurboTax Desktop Products Comparison
TurboTax Online Products Comparison
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