RobertB4444
Employee Tax Expert

Business & farm

Ok, I'm with you now.  

 

The other two LLCs can be done one of two ways - 

 

1 - You can add a schedule C for each one to your personal return.  This is the easiest and doesn't require any other tax returns.  You'll scroll down in the 'Wages and Income' section of your tax return to 'Business Items' and the first line is 'Business Income and Expenses'.  This is where you will create a separate schedule for each of the other LLCs that do not have real estate holdings.  You'll enter any expenses and - if you have any in future years - you'll enter any income.

 

2 - You can file a separate corporate return for each of them.  If you have the LLCs taxed as either a partnership or an S-corporation then the expenses would be transferred to your personal return through a schedule K1 which would have you enter them directly into your personal return.  The advantage to this method is that the tax rate is lower if you have income to report.

 

Since you only have expenses and no income items for the two other LLCs I would just use the schedule C preparation for this year.

 

@Rocco1231 

 

 

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