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?
You'll need to sign in or create an account to connect with an expert.
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.
The fact that it's an LLC doesn't really matter. When two unrelated people are in a business together a partnership return is required.
Still have questions?
Make a postAsk questions and learn more about your taxes and finances.
asalot
Level 1
Washingtonianite
Level 1
VinceAK
New Member
Bonnied1
Returning Member
desert1
Level 1
Did the information on this page answer your question?
You have clicked a link to a site outside of the TurboTax Community. By clicking "Continue", you will leave the Community and be taken to that site instead.