Rental real estate owned by LLC. I am a general partner of this LLC and received my Federal K-1 (Form 165). I entered all the info into TT all the way through "Done with Income". Now I went to forms and there's only Sched E, page 2, no page 1 exists in the forms list. I'm able to select "Quickzoom" to page 1 and see it, but why is page 1 not present when I click on Forms? The same thing happened to me last year and the IRS sent me a letter requesting more information because Sched E was "incomplete" (i.e. - missing page 1).
NOTE: All expenses, interest, depreciation, and other tax related items for the rental real estate are processed at the LLC level, then the CPA sends my individual K-1, at which point I enter into TT for my individual return.
I'd love to get your thoughts and any suggestions to avoid getting another letter from the IRS after I submit this year's taxes.
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Schedule E Part I (page 1) reports only activity from Rental Real Estate and Royalties. If you have no income from these activities, the page is omitted from the e-filed return. There is no way to force the blank form to be included unless you print and mail your return.
That makes sense. I forgot to mention that we took a loss in 2024 on the rental, is that the reason Page 1 of the Schedule E wasn't created? In other words, are you saying Page 1 appears only if the rental made money and resulted in a positive profit?
Thank you!
If you have another rental or royalty property with a loss, that loss would be reported on Schedule E page 1. However, income/loss from Schedule K-1 is reported on page 2. The difference is a direct ownership in a rental/royalty property (page 1) and owning a pass-through investment (page 2).
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