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smiths05
New Member

Husband started small business with his sister- LLC partnership in 2017. Both invested personal $ & have made no profit. Does this affect our personal taxes?

 
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WillK
Level 9

Husband started small business with his sister- LLC partnership in 2017. Both invested personal $ & have made no profit. Does this affect our personal taxes?

It might. For the partnership, they will need to file a partnership return (Form 1065) using Turbo Tax small business :https://turbotax.intuit.com/small-business-taxes/

Once the 1065 has prepared and filed, it will generate schedule K-1 for each partner which reports the income/expenses of the business to each partner according to their percentages. The schedule K-1 will need to be filed on their personal returns. 

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WillK
Level 9

Husband started small business with his sister- LLC partnership in 2017. Both invested personal $ & have made no profit. Does this affect our personal taxes?

It might. For the partnership, they will need to file a partnership return (Form 1065) using Turbo Tax small business :https://turbotax.intuit.com/small-business-taxes/

Once the 1065 has prepared and filed, it will generate schedule K-1 for each partner which reports the income/expenses of the business to each partner according to their percentages. The schedule K-1 will need to be filed on their personal returns. 

**Say "Thanks" by clicking the thumb icon in a post
**Mark the post that answers your question by clicking on "Mark as Best Answer"
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