Greetings, my business partner and I have an LLC partnership. The title of our rental property is under the LLC, however the mortgage is assigned to us personally. Because we have a partnership, I know that filing a 1065 K-1 for each of us is required. However, I have the following questions:
1) Do we report the rental property income/loss on Schedule E even though the title of the property is under our LLC?
2) Do we report the rental property income/loss on the 1065 K-1? If so, do we put this number on Part III: Line 2: "Net Rental Real Estate income (loss)"?
3) Do we record the income/loss on both Schedule E and 1065 K-1 Part III: Line 2?
4) Do we not use Schedule E and instead use Form 8825?
