“If I transfer rental property into LLCs, can I use TurboTax premier. If so, any suggestions.”
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TurboTax Premier 2025 Federal + E-file & State is recommended if you sold stock, bonds or mutual funds, sold employee stock, own rental property or are a trust beneficiary to file your personal tax return. TurboTax Business 2025 would be suggested if you are a real estate investor who contributed rental property when you joined a new or existing partnership or limited liability company (LLC) taxed as a partnership. Converting your property into a partner’s share or member’s interest is a two-step process: First, take your property off your Form 1040; then add it to your group’s Form 1065 using TurboTax Business (available for Windows). The partnership will then use Form 8825 to report income and deductible expenses for each property owned by the partnership. For Additional information, please visit the TurboTax online community and search for the article titled, "How do I enter a rental property I contributed to a partnership or LLC?"
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