Income producing properties

Question

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?

mcdaniel_dean · Answer

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.

J_kyle1 · Answer

Correction, we bought these in 2024, not 2023.