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HumbleHomes
New Member

New Real Estate LLC, multiowner, began 2021

I and two other individuals began an LLC in 2021, so this is the first year filing taxes. I am aware that I have to file a 1065 and requested an extension prior to the date required (or at least mailed the request prior to this date). I am trying to fill out the information in TurboTax Business, but I do not see a way to add the property that was purchased in 2021 for the business. It keeps asking for this information before it will continue past allocation method. A trailer was also bought for business use, but I do not see a way to add that either.

2 Best answer

Accepted Solutions
tagteam
Level 15

New Real Estate LLC, multiowner, began 2021

You need to indicate that the LLC has rental real estate in the program (see first screenshot).

 

Subsequently, you will enter the real estate itself and the trailer as assets (see second screenshot).

 

Untitled.png2.png

View solution in original post

tagteam
Level 15

New Real Estate LLC, multiowner, began 2021

I am not sure if this is a glitch or not. 

 

You can try, however, to start the rental section in Forms Mode and then return to Step-by-Step.

View solution in original post

4 Replies
tagteam
Level 15

New Real Estate LLC, multiowner, began 2021

You need to indicate that the LLC has rental real estate in the program (see first screenshot).

 

Subsequently, you will enter the real estate itself and the trailer as assets (see second screenshot).

 

Untitled.png2.png

HumbleHomes
New Member

New Real Estate LLC, multiowner, began 2021

Hello, thank you for responding.

 

Yes, the "has rental real estate activity" is already checked yes. When I click on "edit" it goes back to the same question, I click continue and it goes to the "Confirm your Business information" screen. It does not offer the option of adding actual property.

 

Screenshot 2022-09-14 161544.jpgScreenshot 2022-09-14 161634.jpg

tagteam
Level 15

New Real Estate LLC, multiowner, began 2021

I am not sure if this is a glitch or not. 

 

You can try, however, to start the rental section in Forms Mode and then return to Step-by-Step.

HumbleHomes
New Member

New Real Estate LLC, multiowner, began 2021

I eventually got an 8825 to pop up and am trying to fill that out. Thanks.

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