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Investors & landlords
It appears you have a property owner (WY LLC) and a property manager (TX LLC). The rental activity will all be WY LLC. It is the TX LLC that doesn't appear to have any income. Everything is flowing through that entity and the WY LLC is not paying the TX LLC any management fees; so no income. The WY LLC will issue the K-1s to you with the net rental income (loss) to include on your Schedule E.
If the WY LLC has outlived it usefulness you could consider shutting it down and moving the property to the TX LLC now that it is established.
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March 12, 2024
5:59 AM