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New Member
posted Jun 5, 2019 10:49:16 PM

I own a rental property with a partner under an LLC. What tax forms do I need to fill out for the LLC?

We took $14,000 in losses on the property this year, how much can my partner and I deduct from our personal income?

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1 Best answer
New Member
Jun 5, 2019 10:49:17 PM

You will need to file a partnership return with the following forms (and possibly other forms depending on any other activity in your LLC). You and your partner may be able to deduct the 14k loss up to your ownership percentage. The loss may be limited depending on your individual income levels.

  1. Form 1065 US Partnership Return.

  2. Form 8825 Rental Real Estate Income and Expenses of a Partnership or an S Corporation

  3. (One for each member) Schedule K-1 (Form 1065) Partner’s Share of Income, Deductions, Credits, etc.

2 Replies
New Member
Jun 5, 2019 10:49:17 PM

You will need to file a partnership return with the following forms (and possibly other forms depending on any other activity in your LLC). You and your partner may be able to deduct the 14k loss up to your ownership percentage. The loss may be limited depending on your individual income levels.

  1. Form 1065 US Partnership Return.

  2. Form 8825 Rental Real Estate Income and Expenses of a Partnership or an S Corporation

  3. (One for each member) Schedule K-1 (Form 1065) Partner’s Share of Income, Deductions, Credits, etc.

Returning Member
Feb 21, 2021 4:45:35 PM

this is not relevant reply,

Question is .

Where is depreciation from 4625 supposed to go

On Tax act it flows to 1065 Page 1

On Turbo it goes to 8825 line 14