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IG
New Member

LLC Question

Does any one know which product of turbo tax will best fit my needs if I we are two LLC Owners to a company that does fliping properties and Rentals??

3 Replies
Carl
Level 15

LLC Question

If your business is a multi-member LLC, meaning there is more than one owner of the LLC business, then you are required to file a 1065 Partnership Return. Each partner will be issued a K-1 which each partner will need in order to complete their own individual personal 1040 tax returns. So the personal 1040 return can't even be started until the 1065 Partnership Return is completed, filed and all K-1's are issued to each owner/partner.

For the 1065 Partnership Return you must use TurboTax Business (not Home & Business). TurboTax Business is not available as an on-line product and is not available for MACs. TurboTax Business is for the Windows operating system only.

If this is for 2017, you can purchase TurboTax Business at https://turbotax.intuit.com/personal-taxes/past-years-products/

If this is for an upcoming 2018 return, you can order it at https://turbotax.intuit.com/small-business-taxes/

IG
New Member

LLC Question

THANK YOU!!!! 🙂 That was QUICk!!

Carl
Level 15

LLC Question

Something I just caught. You say, flipping properties and rentals.  Note that when it comes to rental property, all (and I mean *ALL* ) transactions related to rental property that you or the business collects rental income on, in reported on SCH E. You *really* need to be careful here, because if you don't report things right, the back taxes, fines, penalties and late fees will *eat* *you* *alive* as they are significantly $higher$ for a business, than they are for an individual.

ALso, when dealing with rentals in a multi-member LLC there are several things where perfection is not an option.... its an absolute ***MUST***.

 - The LLC needs be one of the legal owners named on the deed if the LLC will be claiming property taxes.

 - The LLC needs be named on the mortgage if the LLC will be claiming mortgage interest.

 - The LLC needs to be the named beneficiary owner (along with the mortgage holder) if the rental dwelling insurance policy if the LLC will be claiming the property insurance deduction.

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