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mhyoung
New Member

My wife is a member of an llc and received a 1099-s from the sale of a home that the llc sold. I'm not sure how to report the 1099-s in turbotax.

 
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DanielV01
Expert Alumni

My wife is a member of an llc and received a 1099-s from the sale of a home that the llc sold. I'm not sure how to report the 1099-s in turbotax.

It depends.  If the LLC is only in your wife's name (sole-proprietorship, disregarded entity), the sale would be reported as if it were a sale of a rental home.  However, your question sounds like she is part of a multi-member LLC.  In this case the sale must be entered into the entity's return (whether form 1120-S, 1120, 1065 or 1041).  This is the case regardless of the 1099-S being issued in your wife's name.  If the property belongs to the entity, the entity must report the sale and then report the distribution of proceeds to each member of the LLC on Schedule K-1.  

If it does get reported on the personal return (wife is the only member of the LLC), follow the instructions in this FAQ below.  Otherwise, it will be reported on an entity return first and passed-through to each member (partner or shareholder):  https://ttlc.intuit.com/replies/3302480

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3 Replies
DanielV01
Expert Alumni

My wife is a member of an llc and received a 1099-s from the sale of a home that the llc sold. I'm not sure how to report the 1099-s in turbotax.

It depends.  If the LLC is only in your wife's name (sole-proprietorship, disregarded entity), the sale would be reported as if it were a sale of a rental home.  However, your question sounds like she is part of a multi-member LLC.  In this case the sale must be entered into the entity's return (whether form 1120-S, 1120, 1065 or 1041).  This is the case regardless of the 1099-S being issued in your wife's name.  If the property belongs to the entity, the entity must report the sale and then report the distribution of proceeds to each member of the LLC on Schedule K-1.  

If it does get reported on the personal return (wife is the only member of the LLC), follow the instructions in this FAQ below.  Otherwise, it will be reported on an entity return first and passed-through to each member (partner or shareholder):  https://ttlc.intuit.com/replies/3302480

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

My wife is a member of an llc and received a 1099-s from the sale of a home that the llc sold. I'm not sure how to report the 1099-s in turbotax.

Thank you, That makes perfect sense.  It is a multi-member LLC,, and the property did belong to the entity.  We will await the K-1 and enter that.  Thanks again for your spot on response.
DanielV01
Expert Alumni

My wife is a member of an llc and received a 1099-s from the sale of a home that the llc sold. I'm not sure how to report the 1099-s in turbotax.

Your wife may need to give them the form so that they can factor it in to the entity return.
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