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Business & farm
Hi - I appreciate the input from both @Opus17 and @DianeW777, but I'm still a little confused. It does seem very IRS-like to make me divide income and expenses by two and file two forms just so IRS can add them back together. And that's not to mention the trouble to figure out how to get TT to create the 4835 and two Schedules Cs instead of assuming I'm a real farmer (with self-employment tax and the like)! To be clear, I live in California (Community Property) and pay state taxes there and the farm is in Indiana (not Community Property) and was inherited (if that matters). The LLC is in Indiana for liability (not tax) purposes. I was told that a married couple LLC was treated by IRS as a "disregarded entity". The farm is operated on a "share" not a "cash rent" basis. I had a "foreign" LLC in CA but dissolved it because there was neither revenue nor expense associated to CA and the CA LLC only benefited CA (not me). Obviously I have to pay taxes in IN too. I understand the "wrong name" part of this, but I would appreciate any further guidance on how to deal with this new LLC SMLLC "disregarded entity" issue in TT H&B on Windows 10. - Thanks!