New Real Estate LLC, multiowner, began 2021

[HumbleHomes]

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.

[tagteam · Accepted solution]

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).

[HumbleHomes]

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.

[tagteam · Accepted solution]

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]

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