Income producing properties

J_kyle1
J_kyle1 Member Posts: 2 Newcomer
in Live Q/A Event

As of 2023, my wife and I have an LLC which owns 3 properties, one is vacant and 2 have long term renters in them.this will be the first year of filing, so I’m trying to decide if I can file taxes for my LLC on freetaxusa like I do for my personal taxes or do I need to go to a local CPA. If I can do I on here, what do I need to do differently to ensure it’s done properly?

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  • J_kyle1
    J_kyle1 Member Posts: 2 Newcomer

    Correction, we bought these in 2024, not 2023.

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  • mcdaniel_dean
    mcdaniel_dean Member Posts: 7 Level 2
    edited December 10

    If you and your wife are both members of the LLC, you have technically created a partnership and should file a biz partnership return, form 1065. Most people would have a CPA or qulaified Tax Preparer file that form. 1065 is due March 15th. The 1065 will produce a K1 for you and a K1 for your wife, and you will file those forms on your 1040 form….so 2 tax returns needed.

    FreeTaxUSA does not have the ability to handle the 1065 form, but it can handle your 1040 filing with the K1s you will have from the partnership.

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