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.
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.