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red6
Level 1

LLC 1099s

We have a two member LLC with four pieces of property. 

One was inherited and placed into the LLC in 2015.  As it never earned money we did not include its expense in taxes. It was sold this year.  Is that reportable income for the LLC?

 

Another property had joint (our LLC & Private) ownership.  As it never earned money we did not include its expense in taxes.  We bought out the Private party in 2019.  Do we need to file a 1099-S?  Turbo Tax does not seem to have 1099-s abilities.

2 Replies
Critter
Level 15

LLC 1099s

I highly recommend you seek local professional assistance with this mess you have so you can get it cleaned up and filed correctly.  

red6
Level 1

LLC 1099s

Thanks - I'm leaning that way!

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