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Filing tax returns for LLC

Forum|Forum|2 years ago
February 9, 2024
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My wife and I own a rental property in NC and it's registered under an LLC. How should we file tax returns for this LLC and can we use Turbo Tax Premier or do we need to purchase the Turbo Tax Home & Business?

Thank you.

Best answer by PatriciaV

Since you do not live in a community property state, the LLC must file a separate business return (available in TurboTax Business). You would then include the information from two Schedules K-1 on your joint return, which you may prepare using TurboTax Premier.

See this post for specific help: Where do I report rental activity for an LLC?

PatriciaVAnswer

Since you do not live in a community property state, the LLC must file a separate business return (available in TurboTax Business). You would then include the information from two Schedules K-1 on your joint return, which you may prepare using TurboTax Premier.

See this post for specific help: Where do I report rental activity for an LLC?

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12raleighAuthor

Thanks so much for your response. I do have a follow-up question. In your response, you referenced the need to file two K-1 schedules. why is that?

Thank you.

SharonD007

You need to file a Schedule K-1 for yourself and your spouse.

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P

PaulaM

Enter your K-1s in your personal return by following the instructions in this link.

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12raleighAuthor

Thanks so much for your response. I think I am getting closer to the completion of the return. There's a note in the 1065 saying that I need to file it no later than March 15 2024. Does this mean that March 15 2024 is the deadline for me to file the return for the LLC in order for me to include the schedule K-1 in my personal return?

Thanks again.

M

mgarry3416

Yes

Business returns for partnerships & LLC on Form 1065 are due by March 15 of each year. This is so the partners or members get the Schedule K-1 in time to file their personal returns by April 15. You may file an extension for the Form 1065 if needed. You may also file an extension for your personal return.

On a separate note - you may want to ask if you need to file a separate business return if the LLC is "just you and your spouse" You should be able to file the rental income on Schedule E as a disregarded entry and if applicable take advantage of the rental loss provision. It may be worth your time and money to talk to a local tax professional to discuss how to file. Please check my profile and then consider my advise. Good-luck