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Updated about 2 years ago,
Do we have to file form 1065?
My boyfriend and I each bought a rental property this year (2022) under our personal names (1 under my name and 1 under his name). In an attempt to keep our business income and expenses separate, we started an LLC and opened a business bank account and credit card. We have NOT bought a property under the LLC yet. In my opinion as a CPA, I would think we'd each report the rental property income and expenses under schedule E of our form 1040s, and potentially file a $0 form 1065 for the LLC. We'd continue following this method until we buy a property under the LLC or transfer ownership of our properties to the LLC. Can anyone confirm my assumptions or give me alternative advice? What tax preparation service do you recommend (i.e., H&R Block, TurboTax, etc.)?