We converted our rental properties to LLC in 2019. Previously we had 4 schedule E's. With conversion, do we just keep all 4 E's (Since single Member Disregarded) or do I have to dispose of them and start new schedule E?
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Multi-member LLCs typically file Form 1065 which then generates a K-1 for each member. Rental income and expenses are entered on Form 8825.
The TurboTax product that can be used to prepare a Form 1065 and associated forms is TurboTax Business.
See https://turbotax.intuit.com/small-business-taxes/
However, since this return (Form 1065) is past due for the 2019 tax year (it was due March 16th) and it appears that you do not have any familiarity with the process, you should seek professional tax and/or legal guidance in this matter.
Also note that there is an exception to reporting on Form 1065 in this scenario if you are a married couple who own the properties as community property under the laws of a community property state.
Multi-member LLCs typically file Form 1065 which then generates a K-1 for each member. Rental income and expenses are entered on Form 8825.
The TurboTax product that can be used to prepare a Form 1065 and associated forms is TurboTax Business.
See https://turbotax.intuit.com/small-business-taxes/
However, since this return (Form 1065) is past due for the 2019 tax year (it was due March 16th) and it appears that you do not have any familiarity with the process, you should seek professional tax and/or legal guidance in this matter.
Also note that there is an exception to reporting on Form 1065 in this scenario if you are a married couple who own the properties as community property under the laws of a community property state.
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