My wife and I have an LLC for real estate investment property only. We are filing jointly. Which TT product should we use since we have no income to report from the LLC?

[caitlyn_eakins]

No income to be reported and only expenses are property taxes.  Also, the LLC is in a different state from our declared resident state.  Will TT generate both our resident state tax return as well as the state declaration for the LLC?

[DS30]

You will want to use TurboTax Premier and report your LLC on Schedule E (as long you did not elect to treat your LLC as a corporation).

If your are considered "active participants" in your rental property, you will be able to offset up to $25,000 of passive rental losses against ordinary income. (This special ability to deduct passive rental losses is limited by AGI).

For more information about reporting your LLC on your federal income ta return, please refer to this link:

https://www.irs.gov/Businesses/Small-Businesses-&-Self-Employed/Single-Member-Limited-Liability-Comp...

For more information about reporting rental income and losses, please refer to this following link:

https://www.irs.gov/taxtopics/tc414.html

If your LLC was formed in a different state then your home state of residence, you may have to file a nonresident state income tax return if your rental property has any reportable income. Since you have only rental losses, a nonresident state filing may not be required (although you may want to file one just to report your nonresident state passive losses).

You will still need to report your rental activities on your resident states income tax return.