We own a rental home where we rent it for short term rentals and it's in llc partnership in which we are both active participants.
In previous years, we've had negative ordinary business income and that has flowed through to our personal return. This year, we the business is showing about $5000 on line 23 of the 1065 for Ordinary Business Income.
My question is do I have to worry about lines 24,25, 26, and 27 as this $5000 should just flow through to the personal taxes. Any tax or underpayment will be calculated there (personal taxes). Is this a correct understanding?
Thanks,
Joe
