LLC, a partnership, in home rental business, issues a K1, with net loss, to its partners that includes al rents received, expenses, and depriciation. Without the depriciation it is positive, so the LLC flows the cash to its partners. Now, should the LLC issue a 1099-Misc as well? If it does 1099-Misc, how should the partners handle it since all the income and expenses are already accounted for in their K1s?
