Spouse and I are LLC members. investment property under our names and not the LLC. Do we include proceeds received from our property management's 1099-misc on our for 1065 LLC?

My spouse and I are multi-member LLC . We have an investment property under our names and not under the business LLC. Do we include proceeds received on our 1099-misc received from our property management on our 1065 form or enter it in our personal tax form?

364

Level 15

Mar 11, 2020 1:12:18 AM

It should go on LLC if the management company has a contract with it. If the contract is for the personally owned property then it goes with the rental reported on the 1040.

Level 13

Mar 11, 2020 7:29:45 AM

So a couple of follow-up questions:

The facts are not real clear on what your LLC business is
What is the EIN listed on the 1099-MISC?
Is the property management a completely separate third party business?

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Spouse and I are LLC members. investment property under our names and not the LLC. Do we include proceeds received from our property management's 1099-misc on our for 1065 LLC?