How to enter real estate purchase and expenses on form 1065

[PruittHR]

I am looking for help with entering real estate purchases and expenses on form 1065 with Turbotax Business (Download)

I am the managing member of remodeling business which is structured as an LLC partnership and we purchased 2 residential properties to renovate. We have incurred expenses during the process (Loan interest payments, Utilities, property taxes, etc.)

 After renovations are complete we will be selling(transferring) these properties to a separate LLC (we just created) that will manage them as rentals.

Where and how do I need to enter these purchases and expenses?

Any help will be greatly appreciated.

 Thanks

[AbrahamT]

You would report these properties  as Other Investments in the balance sheet side with a corresponding credit to Cash.

Under Deductions, you would scroll down till you get the section, Business Expenses, and input the related expenses you had with this purchase. Unless, you are going to take a couple of years to complete this project for the renovations, I would then enter an amount for the renovations on an annual basis titled Construction in Progress on the balance sheet side with a corresponding credit to Cash.