add a business to our partnership return

[glynchnb]

our partnership started a vending machine business in august of 2021. how do i add this business to my turbotax for business program?

[PatriciaV]

Is this a new line of business for your partnership? Or is this a new partnership?

If you are adding a new source of revenue for an existing business, you may add the activity details in TurboTax Business under the Federal tab, along with your main business.

If this is a new partnership, the interview questions under Business Info will guide you through setting up your new business.

[glynchnb]

it is a new business to an existing partnership.  all other partnership activity is rental real estate.

from the federal tab, how do i add?

thanks!

[PatriciaV · Accepted solution]

To record this activity in TurboTax Business, go to Federal Taxes:

Choose Income >> Business Income. You can right-click on any entry box to Add Supporting Details. This allows you to line-item the income to more than one activity, if needed. Supporting details are NOT included on your tax return.

If you have depreciable assets for this activity, enter them under Deductions >> Depreciation of Assets.

Any expenses for this activity go under Deductions >> Business Expenses. Most of your expenses will go under "Common business expenses" unless there is a separate category that applies. Again, use the Add Supporting Details option if needed.