Doing taxes for our partnership LLC that leases one commercial building to one business tenant.

[BillBunting]

My wife and I own a partnership LLC that leases our commercial building to one business tenant (that we sold our business to years ago). We have had our business taxes (Forms 1065 and 8825 which then generates K-1 forms for wife and I) done by a CPA however that person is retiring and no longer doing taxes. Our lease is a "triple net" type with few expenses by our LLC since our tenant is responsible for most repairs and upkeep of the building. I would like to do our business LLC taxes on TurboTax however I'm not sure how difficult they will be since our CPA has always done them. I take the K-1s and do our personal taxes on TurboTax (so I am comfortable with our personal taxes). Any suggestions or guidance concerning the difficulty in doing our LLC taxes (1065, 8825, and K-1s) would be appreciated?

[DaveF1006]

It depends on the level of your expertise and how you can navigate the Turbo Tax program. To prepare your return, you will need to purchase a Turbo Tax Business product. The product is user friendly.  

1. When you begin preparing, the program will begin having you first prepare your business information. See first screenshot.
2. After you prepare this, then you would go to federal taxes and report things like rental real estate (Form 8865), income, deductions, and balance sheet, which you will need to report if  the partnership has assets of at least $1 million or gross receipts of at least $250,000.   See the second screenshot. 

My suggestion is to purchase the Turbo Tax Business product and explore its features. Reach back if you have specific questions regarding how to make entries. Also you may consider in having a Turbo Tax live expert do your taxes in this first year. More information regarding live help can be found here.