Rental properties as LLCs, is a schedule E needed on personal taxes?

Forum|Forum|2 years ago
October 2, 2023
2 replies
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The family has several rental properties, which are set up as LLCs (partnerships). Filed business taxes for each one. Provided K1s to each partner, including myself. I've entered the K1s into Turbotax. When Turbotax reviews and checks for errors, it says that Schedule E is not complete. I didn't think a Schedule E is required if business taxes are filed. If it is required, why didn't Turbotax fill this out, or prompt me during the walk-thru to complete it? Without prompting, I'd have to manually complete the form, right?

If it's not required, can I just delete the Schedule E form and move on?

Anonymous_

Employee

If you are entering a K-1 from an LLC that owns rental property, you would not also enter information for the property on page 1 of Schedule E.

marklsAuthor

Correct, much of the info via step-by-step was put on page 1. However, when Turbotax error checks, it's saying that Schedule E, page 2 is missing info. Why is Turbotax filling out page 1, but not page 2?

Again, do I actually need to complete theses since I've filed corporate taxes for each of the LLCs?

Thank you!