Taxes On Rental
I have a new 8-plex and have formed a LLC. I believe it is taxed as a partnership...flows through...has anybody used Turbo tax to do there taxes for a LLC....if so...which version is best???? Or any suggestions would be helpful...Thanks....jmooch
You're right that LLC's are a "pass through" tax entity. I can't recommend any specific verion of Turbo Tax. I despise doing my own taxes, which is why I have my CPA do them.
I believe you just list the income and expenses of the LLC on the Schedule E of your tax return. Not my area of expertice, but that will point you in the right direction.
I'd recommend paying H&R block, or someone like that $30 to have them do it for you.
Some universities will do it for free (undergrads...if you've got a simple return)