How to change ownership % and special allocations in LLC Rental Property on 1065
Hi. We bought a rental property and started renting it out in 2022. For our 2022 taxes we allocated the losses 90% / 10% based on the amount of capital invested in the property. I anticipate that we will have a loss again this year and will probably keep the same 90/10 split but... but when we start making a profit will we be able to change that % each year in TT? Or will it carry the same 90/10 for all future years?
Thanks in advance.
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1 Best answer
AliciaP1
Expert Alumni
Apr 8, 2023 12:38:13 PM
It will carry over, but you can report the ownership percentage change anytime it happens. You will just need to Edit each partner's share of income and losses in the Partner/Member Information section of TurboTax Business.
2 Replies
AliciaP1
Expert Alumni
Apr 8, 2023 12:38:13 PM
It will carry over, but you can report the ownership percentage change anytime it happens. You will just need to Edit each partner's share of income and losses in the Partner/Member Information section of TurboTax Business.