How to change ownership % and special allocations in LLC Rental Property on 1065

[kathryn91]

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.

[AliciaP1 · Accepted solution]

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.  

[kathryn91]

Thanks so much!