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creifel
New Member

Turbo Tax for Rental Property LLC and Home Taxes

I have used Turbo Tax Premier every year for my taxes which include rental properties.  This past year, I moved my rental properties into an LLC with my spouse, now considered a Partnership LLC for Tax Purposes.  What is the best way to use Turbo Tax products to do my taxes this year?  All of my previous years rental data resides in my prior years Turbo Tax Premier files.  If I need to use TT Business, need to know where I will enter all my rental property data such as income and expenses?  If in TT Business, how to do I get my prior years data such as depreciation imported into TT Business if needed?  Last question, if I use TT business, do I also have to use TT Premier for my personal return and if so, how do I get the TT business outputs such as the K-1s into my TT Premier.  Thanks for your help on this.  Looking for the most seamless and economical way to do my taxes this year.  Would prefer not to buy two separate TT products if I can avoid it.

3 Replies
PatriciaV
Level 7

Turbo Tax for Rental Property LLC and Home Taxes

Unfortunately, you will need to purchase both TurboTax Business and TurboTax Premier in order to file Form 1065 for your partnership LLC and Form 1040 for your personal tax return.

Since the two products are totally separate, you won't be able to transfer prior year information directly into TurboTax Business from TurboTax Premier 2016. The information will need to be entered from your prior year tax return and accounting records. This includes all your rental assets for depreciation (look for the Depreciation and Amortization Report in your tax worksheets).

You will be able to transfer your 2016 personal tax return into TurboTax Premier 2017. Once you have finished the 2017 business return, you will enter the information from Schedules K-1 (you should have two) into TurboTax Premier.

Cat
New Member

Turbo Tax for Rental Property LLC and Home Taxes

What about suspended losses on the real estate?  Does this transfer to the LLC?  If so, how do you enter the information on Form 1065?
PatriciaV
Level 7

Turbo Tax for Rental Property LLC and Home Taxes

Any losses suspended prior to the contribution of the related property to the partnership (LLC) remain with the contributing partner and are not transferred to the partnership. Instead, these losses are added to the partner's basis in the partnership interest (outside interest). The losses would be available to the partner only if and when the partnership was dissolved or sold.
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