Hi I have been in a family partnership for my grandmothers "farm *non working* (its a centennial property basically the house/land that my grandmother grew up) on amongst us grandkids. we don't make money off of it we do't put money into it - anyway.
I used to get my taxes done for me but started doing them on turbo tax. Well I guess I filed all previous K1's incorrectly bc I stumbled across a direct ref to the "1065" couldn't find specified while doing my individual turbo tax return- but filled out the k-1 with the info there, never deducting state property tax ( bc I don't live in the same state as the property).
In addition the partnership has ALWAYS elect out of the BBA audit regime
- so I don't know how to amend in my individual have never filed a sep business /llc paperwork for for it -
- I have never set up or purchased a Business Turbo tax account which is kind of pricey.
I am in the middle of frantically filing my 2024 extension-
with the intention of amending if needed - but just get it in and also saw that this had an earlier filing date .
- How should I enter this into my personal return before the deadline?
I'm not trying to misleading the irs I am trying to report everything on time-
but I don't believe I will have time to set up a business account etc to file and frankly do not want to pay $275
- DO I have to do a turbo tax business account
- there's really no business to be had on this llc I have never "PERSONALLY" filed a business return for the llc except (incorrectly) under my personal return.
the K1 is summarized on this page 5-
there's only like 5 transactions-
- Income from other rental activities $237
- Interest Income $198
- OTHER DEDUCTIONS - -201
- (not for me it says property tax on notes box 13 ZZ and I don't reside in the same state)
- Nondeductable Expenses -173
- Sch K-1 Deduct Sub 374
- NET INCOME (LOSS) Per K-1 61.
-
& in the event you're wondering I have toddler, I am not married, I get income from some investment stock that I cashed out so I have capital gains
I do need to file
- and this last year I got an eBay tax rtn doc for about 8,500 before expenses. (should I put this in as self employed or other income?)
the baby to toddler has prevented me from being actively employed and doing EVERYTHING on time ...
