My husband and I own an LLC that holds the deed to...
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melywhiting
New Member

My husband and I own an LLC that holds the deed to a rental property. We file separate tax returns for the LLC. Do I have to include the income in our joint tax return?

 
3 Replies
Critter
Level 15

My husband and I own an LLC that holds the deed to a rental property. We file separate tax returns for the LLC. Do I have to include the income in our joint tax return?

 
Critter
Level 15

My husband and I own an LLC that holds the deed to a rental property. We file separate tax returns for the LLC. Do I have to include the income in our joint tax return?

If you have a multi-member LLC that files a partnership return form 1065 then the partnership will issue you each a k-1 form that must be entered on the personal tax return.

Carl
Level 15

My husband and I own an LLC that holds the deed to a rental property. We file separate tax returns for the LLC. Do I have to include the income in our joint tax return?

Do I have to include the income in our joint tax return?

That will happen automatically. The rental income is reported on IRS Form 8825 as a physical part of the 1065 partnership return. The partnership issues each owner a K-1. Each partner has to enter that K-1 on their personal 1040 tax returns. Each individual K-1 is entered one at a time on the tax return even if the partners are married to each other and filing a joint personal return.

The rental income/loss will then appear on page 2 of the SCH E that is a physical part of your personal 1040 joint tax return.

 

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