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stephgg32
New Member

How to file taxes for a LLC in Texas that is a partnership but not with a spouse.

My step-dad and I have a LLC in Texas.  It's just rental properties. It's equal partnership. How do we file?  I was told the sch-c is just listed as my name and no LLC company or partnership.  I was told I had to file a 1065 U.S. Return of partnership Income using the LLC name and your partner.

1 Reply
ThomasM
New Member

How to file taxes for a LLC in Texas that is a partnership but not with a spouse.

Yes, your multi-member LLC requires its own tax return be filed (Form 1065, Partnership return).  You won't file it on a Schedule C.

You'll need TurboTax Business software to file the partnership return.  It's available in CD/Download only, and is Windows based.  Here's a link:  https://turbotax.intuit.com/small-business-taxes/?srqs=null&cid=ppc_gg_b_stan_all_na_Brand-Business_...

The filing deadline for partnerships who are on a calendar year was March 15.  Fiscal year filers have a deadline of the 15th day of the 3rd month following the end of the fiscal year.  So if you're on a calendar year, your return will be late and subject to a penalty of $195 per month multiplied by the number of partners.

However, here's a well-written article on IRS Revenue Procedure 84-35 which allows for a penalty waiver that's automatic under certain criteria: https://pdxcpa.wordpress.com/2014/02/02/partnership-late-filing-penalty-2014-update/. The article is from 2014, so ignore any reference to the old filing deadline of April 15.

Finally, once you've prepared the partnership return, each partner should be issued a Schedule K-1 (for his share) which he'll then use to prepare his personal tax return.  You'll need TurboTax Premier online to prepare your 1040, since it will support the K-1. 

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