Question

Sale of rental property

Forum|Forum|4 years ago
May 4, 2021
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Entered our personal and business info into Home & Business just to find Form 1065 to report sale to rental property by partnership was in Business Turbo Tax but not Home & Business. If I purchase Business Turbo Tax can I use it for our businesses plus the partnership sale of property? I assume there is no way to transfer the data from Home & Business to Business without manual reentry?

A

Anonymous_

@Tdklv2013__ wrote:

If I purchase Business Turbo Tax can I use it for our businesses plus the partnership sale of property? I assume there is no way to transfer the data from Home & Business to Business without manual reentry?

TurboTax Business can only be used, for your purposes, to prepare and file the 1065 for your partnership; the product cannot be used to prepare an individual income tax return (Form 1040).

As a result, you will need TurboTax Business to prepare your 1065 and Home & Business to prepare your personal tax return (which presumably includes Schedule C for your sole proprietorship).

In the process of preparing your 1065, a K-1 (1065) will be generated by TurboTax Business which, in turn, you will have to manually enter into your personal income tax return.