My wife and I (members) created a LLC in New York in 2018. It has one signal family home that we rent. How do I do a tax return for this LLC? We file jointly.

[MinhT · Accepted solution]

As New York is not a community property state, your LLC is not a disregarded entity and you need a file a separate tax return for the LLC (form 1065).

To file form 1065, you need to use TurboTax Business which is not available online, but only as a CD/Download on a Windows computer (not compatible with Mac).

You can purchase TurboTax Business from this link:

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

As part of the LLC's tax return, each partner will receive a Schedule K-1, which you enter on your joint tax return.

[pgte3]

Is there any way not to have to purchase two TTs? One for us to file jointly and one to file the LLC?

[MinhT]

Unfortunately, no. TurboTax Online is only for individual tax returns. TurboTax Business is for LLCs. corporations, trusts and estates. All the tax forms are different between the two programs.

[pgte3]

thanks