Short term car rental

[rschwamman]

My friend and I bought a car and are doing a Turo short term rental.  We have a LLC set up and have $5k revenue and more loses!  Do we file form1065(schedule K-1)? Do we just say 50% ownership?

[MinhT1]

As a two-member LLC, the LLC has to file a partnership return (form 1065) to report the LLC's all income and expenses.

To prepare form 1065, you'll need to TurboTax Business (CD/Download) which be purchased HERE.

In the LLC's return, there will be a Schedule K-1 for each partner which is then entered on the partner's personal return. 

[Mike9241]

make sure you keep logs of the mileage.  the portion of costs for business use is deductible. those for personal use are not.