I have used Turbo Tax Premier for many years and I own an LLC that manages an apartment complex. I have also filed an extension on my 2018 taxes.
In previous years, I would fill in my solely owned LLC under the Scedule C section of the program and it seems the numbers get transferred into Schedule E where my depreciation is deducted from my LLC income.
That does not seem to be happening with TurboTax Premier 2018. What am I doing wrong?
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@yotsuya53 wrote:That does not seem to be happening with TurboTax Premier 2018. What am I doing wrong?
Unless you either (a) provided significant services to your renters, such as maid service or, (b) were a real estate dealer (i.e., you had income/expenses from rental real estate that you held for sale to customers in the ordinary course of your business), you would report your rentals on Schedule E, not Schedule C.
See https://www.irs.gov/instructions/i1040se#idm140630720113184
Schedule C does not somehow port over to Schedule E. Enter your rental income/expenses/assets in the Rental Properties and Royalties section of the program.
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