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Business & farm
Ok ... at some point did you stop doing business as a Sole Prop reported on a Sch C and start doing business as a partner on a Partnership reported on a 1065?
If so then all your Sch C income & expenses up to that point will be reported on the Sch C and then any income & expenses coming from the partnership will be reported on the K-1 and be entered on the Sch E. Do NOT put sch E income on the Sch C ... doing so will double your taxes. These are now totally separate business entities so do NOT mix them up together.
If so then all your Sch C income & expenses up to that point will be reported on the Sch C and then any income & expenses coming from the partnership will be reported on the K-1 and be entered on the Sch E. Do NOT put sch E income on the Sch C ... doing so will double your taxes. These are now totally separate business entities so do NOT mix them up together.
‎June 6, 2019
7:29 AM