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Bee16
New Member

Prorating property taxes for Real estate LLC creation mid-year

My wife and I formed a real estate LLC mid-year 2024. We owned the property prior to the LLC formation. The 2024 property taxes need to be prorated for the LLC and our personal taxes. Where in TurboTax Business and Premier do we apply or enter these prorated values? If anyone can answer this would be appreciated.

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1 Reply
DavidD66
Expert Alumni

Prorating property taxes for Real estate LLC creation mid-year

I assume you converted a personal property to a rental.  If so, the portion of the property tax for the period it was a rental go on Schedule E.  The portion of the tax for the period prior to the property being made available for rent are reported on Schedule A, if you itemize your deductions.  

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