My friend and I co-own some investment properties. Last year we set up a LLC company and putted the investment properties under the LLC. Before we set up the LLC we file the 1040 separately. We calculate our own part of rent and expenses. Can we still file separate 1040 like before?
No, if you set up an LLC with a friend, then you will need to file a 1065 partnership return to report whatever income and expenses the partnership received. Then the partnership will issue the partners a k-1 which you will then report on your personal 1040 returns. You can use TurboTax BUSINESS, to file the 1065 Partnership return and then you would use TurboTax premier to enter the K-1 you receive from the partnership.