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I am an LLC Member of a hold co that owns an operating business and a r/e rental business. Both are separate LLCs that are disregarded entities. Since both box 1 and box 2 of my K-1 are used, do I use 2 K-1s in tubro tax for the same hold co?
September 30, 2020
10:41 AM
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Investors & landlords
If both LLCs are disregarded entities (which presumes you did not make an election for each LLC to be treated as an S corporation for federal income tax purposes and there are no other members), you should not have received a K-1.
Income and expenses from disregarded entities are typically reported on Schedule C (Form 1040).
September 30, 2020
11:06 AM
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Investors & landlords
If this is a partnership that issued a K-1 form an you have entries in both box 1 & 2 then here is the data entry trick ...
Enter the K-1 and enter everything on it EXCEPT the box 2 amount ... then enter in another K-1 and this time ONLY enter the box 2 amount. The program will automatically merge them.
September 30, 2020
11:19 AM
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