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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