LLC owns multiple rental properties

Forum|Forum|2 years ago
April 26, 2024
2 replies
38 views

How do i enter each rental property separately that is owned by an LLC? IRS requires separate reporting but I see no way to do this.

JMB011Author

Level 2

I know how to enter them on the Form 1065....my question deals with reporting the K-1 at the individual return level.

PatriciaV

Level 15

Yes, you can report more than one activity on Schedule K-1, including QBI, in TurboTax Business.

Go to Forms Mode (F6 or Forms>>Open Form) and open Form 1065 p5-6. Note the instructions under Schedule K Income (loss) for multiple activities. Once you check the box beside Lines 1-3, a star will appear on Schedule K-1. You will need to enter the activity information on the Supplemental Information Smart Worksheet under Line 23 of EACH K-1. This information will appear on the second page of Schedule K-1. (Print Preview to confirm.)

Now open 199A Summary under Form 1065 p5-6 to confirm the QBI entries for each activity. The allocations may need to be added to Statement A for each K-1.

If you need additional help, right-click any box or amount and choose Data Source or About.

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