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palbert1
Level 2
March 31, 2021
Question

Sale of Rental House as only asset in a husband & wife LLC with input into our 1040

  • March 31, 2021
  • 2 replies
  • 32 views

The LLC held title and upon the sale of the rental house, the LLC was dissolved. How do we flow from the Form 1065 to our joint Form 1040?

    2 replies

    Critter-3
    Critter-3
    Level 15
    March 31, 2021

    If the partnership disolved then you will file a final form 1065 using the TT BUSINESS program and  the K-1 forms it produces are entered in the personal tax return program ... they do not "flow" from one program to another. 

    ReneeM7122
    ReneeM7122
    Level 9
    March 31, 2021

    By definition, an LLC is considered disregarded from its owner.  Once you have the K-1, which is created with TurboTax Business, you would take the information and enter it directly into TurboTax individual software. Here is a TurboTax article that explains how.

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