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LLC with multiple lines of business
Hi, so I have a partnership LLC for me and my wife. Up to this point we have used this for rental income and I have selected that activity on the tax return. With the advent of eBay income causing a 1099 I wanted to report this under the LLC also as "ordinary income" and be able to combine all income/expenses/losses for the business as a whole. When I did this in Turbo Tax business and created Schedule K's for ourselves it seemed to cause issues in Turbo Tax personal because of the two "types" of income. And it suggested that I create multiple Schedule K's (for the different lines of business). Can I do this from one single business tax return? If so, how? I realize a husband-wife partnership LLC is just pass-through and as I understand it I could just combine everything on a Schedule C but I have done this for the rental income for quite a few years now and would like to continue keeping the LLC "activities" separate, including the tax return.