AmyC
Expert Alumni

Get your taxes done using TurboTax

An LLC is a legal structure, not a tax entity. As a sole owner, you status is disregarded and you file on your own return. 

1. If you add a partner, you become a partnership and file form 1065. It isn't taxable to change your structure.

2. The partnership would take over the house and you would each receive k-1 forms for your share of the business that you own.

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