Question on Rental Properties and Royalties (Sch E) vs. Schedule K-1

[garysarkissian]

Hi Guys,

Need help on this section. I have K-1's that are generated from a multi-member LLC for rental real estate. I know where to input those in the Federal Wages & Income section under Schedule K-1. When filing the business taxes for each LLC I already input all the rental income, deductions, etc. It gives me a final number of what my Net Real Estate Income is. In the past before I had the properties converted to LLC's I used to enter the same information in the Rental Properties and Royalties (Schedule E) section. My question is do I still need to do the Schedule E or do I ignore that section now that I have the information entered in the K-1 section. 

I couldn't find anything on this so thanks for the help!

[ThomasM125]

You just need to enter the K-1 schedules. The rental income listed on them will show on schedule E, page two.