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Mikey354
New Member

I have owned rental properties for some time. However, in 2017 I formed separate LLCs for the individual properties. Do I need to file differently for 2017?

 
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PaulaM
Employee Tax Expert

I have owned rental properties for some time. However, in 2017 I formed separate LLCs for the individual properties. Do I need to file differently for 2017?

If your LLC's are a single member LLC, then you can continue to file the properties on Schedule E.  

If you are a partnership LLC, then you would need TurboTax Business software to file a partnership returns for the LLC's. 

See IRS link below for reference.

https://www.irs.gov/businesses/small-businesses-self-employed/single-member-limited-liability-compan...

https://turbotax.intuit.com/small-business-taxes/

**Say "Thanks" by clicking the thumb icon in a post
**Mark the post that answers your question by clicking on "Mark as Best Answer"

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1 Reply
PaulaM
Employee Tax Expert

I have owned rental properties for some time. However, in 2017 I formed separate LLCs for the individual properties. Do I need to file differently for 2017?

If your LLC's are a single member LLC, then you can continue to file the properties on Schedule E.  

If you are a partnership LLC, then you would need TurboTax Business software to file a partnership returns for the LLC's. 

See IRS link below for reference.

https://www.irs.gov/businesses/small-businesses-self-employed/single-member-limited-liability-compan...

https://turbotax.intuit.com/small-business-taxes/

**Say "Thanks" by clicking the thumb icon in a post
**Mark the post that answers your question by clicking on "Mark as Best Answer"
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