I am using TurboTax Business for the first time. I am a member of an LLC Partnership. The partnership owns two passthrough LLCs. Those LLCs each manage a rental property. I don't see the option to enter the property focused LLC accounting information and have it passthrough to the partnership LLC. How would I go about doing this? Do I create a new filing for each passthrough LLC (which then will ask specific rental geared questions to enter, and allow QuickBooks import)? Since they are passthrough, I'm not sure how or if that will work, but I can't find a way to do this in my partnership session. Any advice would be appreciated, especially since we plan to add more LLCs (each overseeing a property) in the future.
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If the LLCs are owned by the p-ship they're disregarded entities......like divisions.....and you report on the 1065 as they don't exist except you can use separate SCH Es for each LLC.
The issue for me is the accounting portion... each LLC has a separate bank accounts and Quickbook profiles. They are separate entities so operations and accounting are completely independent, and the partnership has nothing to do with the LLCs except an ownership relationship. How do I import multiple LLC's Quickbook information into the partnership return then?
Is this possible?
You cannot import more than one QuickBooks file into a single return in the TurboTax Business tax program.
The following post does not specifically mention this limitation, but does provide some additional information on importing QB files into TurboTax Business.
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