Can turbotax handle personnel and 2 LLc’s together? The LLC’s include 3 rental homes and a small training company. Also we have oil,gas and stocks to include as well.

[user6669111111]

Does turbo do depreciation on rental homes and what product do you recommend?

[PatriciaV · Accepted solution]

It depends. If the LLC's are owned by one person (Single-Member) and report on Schedule C or Schedule E, then you can include them on your personal return in TurboTax Online or Desktop.

If, however, either LLC is owned by unrelated individuals, the LLC will need to file a separate business return. You can prepare this type of return using TurboTax Business.

Because you have business and rental activity to report, you will need either TurboTax Self-Employed Online or TurboTax Home & Business for desktop. These versions have expanded interviews and specific On Demand Guidance in the program that you may find helpful.

Note that most taxpayers with complex returns choose to download and install the desktop version of TurboTax. This allows you to view the forms in your return while you work and save backup copies of your files. You may also e-file up to five personal returns using the desktop version.