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Level 2
posted Apr 8, 2023 10:13:08 AM

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.

0 2 573
1 Best answer
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
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.  

Level 2
Apr 8, 2023 12:52:59 PM

Thanks so much!