I am using TurboTax Business for my LLC and TurboTax premier for my individual return. I understand that income passes through to members via K-1. Do the expenses pass through too?
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You should not enter your LLC's expenses on your personal tax return. Your share of the net income of the LLC (gross income minus expenses) is passed through to you by your Schedule K-1.
You should not enter your LLC's expenses on your personal tax return. Your share of the net income of the LLC (gross income minus expenses) is passed through to you by your Schedule K-1.
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