I own a rental property and get rental income though a sole proprieter LLC. Which 2016 Turbo Tax product do I need.

Every year your products change re: LLCs.

Last year I used Turbo Tax home business 2015

I have income on a W2

Investment income from stocks, bonds, etc

Rental income from a commercial building owned through a sole proprietor, LLC in my name only.

I don't need advice, and I know what I need to know. 

What is the minimum turbo tax product I can use?


  

Answer

TurboTax Premier will include what you need.

You will list ownership as personal since a single member LLC is a "disregarded entity" for purposes of your filing your return.  You would be the 100% owner. If the LLC is all about rental property, then all activity would be reported on Schedule E.

If you also have non-rental income as part of the LLC, that would be placed on Schedule C and you would then need TurboTax Self-Employed.

(edited 1/22/17)



Was this answer helpful? Yes No
Original
TurboTax TaxPro

No answers have been posted

More Actions

People come to TurboTax AnswerXchange for help and answers—we want to let them know that we're here to listen and share our knowledge. We do that with the style and format of our responses. Here are five guidelines:

  1. Keep it conversational. When answering questions, write like you speak. Imagine you're explaining something to a trusted friend, using simple, everyday language. Avoid jargon and technical terms when possible. When no other word will do, explain technical terms in plain English.
  2. Be clear and state the answer right up front. Ask yourself what specific information the person really needs and then provide it. Stick to the topic and avoid unnecessary details. Break information down into a numbered or bulleted list and highlight the most important details in bold.
  3. Be concise. Aim for no more than two short sentences in a paragraph, and try to keep paragraphs to two lines. A wall of text can look intimidating and many won't read it, so break it up. It's okay to link to other resources for more details, but avoid giving answers that contain little more than a link.
  4. Be a good listener. When people post very general questions, take a second to try to understand what they're really looking for. Then, provide a response that guides them to the best possible outcome.
  5. Be encouraging and positive. Look for ways to eliminate uncertainty by anticipating people's concerns. Make it apparent that we really like helping them achieve positive outcomes.

Select a file to attach:

Do you still have a question?

Ask your question to the community. Most questions get a response in about a day.

Post your question to the community
Default