Tax Year Prior to 2020: Single Member LLC Filing

[CGAZ]

I have a single member LLC that received pass through K1 income form another LLC, do report the income by filing a return for my single member LLC or do I report this income on my personal taxes, I live in AZ BTW.

[DawnC]

Report it on your personal taxes.   If you have a single member LLC, it is considered a disregarded entity and is reported on your personal tax return.  

Your single member LLC income and expenses are reported on your Schedule C.  The link has instructions

The K-1 from the other LLC gets reported on your Schedule E.   The link has instructions

@CGAZ - You will need TurboTax Self-Employed to report both activities if you are using the Online version.  

[CGAZ]

I am employed (W2), my single member LLC is a side investment issue that I have income and expenses to report...couple things, number 1, can I still use schedule C for expenses from LLC on my personal return?  and 2, I know exactly what the LLC income is but have not received the K1 as of yet, should I enter everything I have and file and pay taxes or file an extension until I receive K1?

[DawnC]

1 - Yes, your single member LLC will report income and expense on Schedule C which gets filed with your personal return.

2 -  Yes, enter what you have, but do not file yet.   Don't file until you get the K-1.   But, you should still pay what you owe, if anything, by Monday.   When you make a payment to the IRS, they will automatically give your the extension.   Use the link below.  

Get an extension when you make a payment    @CGAZ

[CGAZ]

The investment gain or income that I made from my LLC...where do I file this investment income, I did not participate in the company that will issue the K1 and have no expenses?

[AmeliesUncle]

@CGAZ   There should NOT be a Schedule C.  

You would enter the estimated income as a K-1 to estimate how much tax that you owe.  When you actually receive the K-1, then you will change the numbers that you entered to reflect what is on the K-1.

Be aware that what you actually RECEIVED may not necessarily be anything what the K-1 shows as taxable.  What you receive (distributions) and what is taxable(income) can be very different.

[CGAZ]

I live in AZ and lived in my home for 15 years, sold this home in 2020 and took a -$75k loss,  can I take depreciation adjustment on my AZ State return?  I never rented or took home office deductions. 

[CGAZ]

I live in AZ and lived in my home for 15 years, sold this home in 2020 and took a -$75k loss,  can I take depreciation adjustment on my AZ State return?  I never rented or took home office deductions. 

[CGAZ]

I live in AZ and lived in my home for 15 years, sold this home in 2020 and took a -$75k loss,  can I take depreciation adjustment on my AZ State return?  I never rented or took home office deductions. 

[JulieC14]

No.  A loss on the sale of your main home or a vacation home is not deductible. This is considered a personal loss and isn't deductible for tax purposes.