Greetings, my business partner and I have an LLC partnership. The title of our rental property is under the LLC, however the mortgage is assigned to us personally. Because we have a partnership, I know that filing a 1065 K-1 for each of us is required. However, I have the following questions:
1) Do we report the rental property income/loss on Schedule E even though the title of the property is under our LLC?
2) Do we report the rental property income/loss on the 1065 K-1? If so, do we put this number on Part III: Line 2: "Net Rental Real Estate income (loss)"?
3) Do we record the income/loss on both Schedule E and 1065 K-1 Part III: Line 2?
4) Do we not use Schedule E and instead use Form 8825?
You'll need to sign in or create an account to connect with an expert.
You report the rental income and expenses on Form 8825 in connection with the LLC's 1065.
You might want to seek professional tax guidance if this is your first year and you have little or no experience with pass-through accounting and taxation.
As noted by @tagteam, you definitely need to seek some professional assistance.
You have a definite issue with the building title in the name of the LLC and the mortgage at the individual level. This is not a good situation.
Still have questions?
Make a postAsk questions and learn more about your taxes and finances.
TravindyB
New Member
lnk-fr
Level 2
emilyburandt
New Member
cashrn-gmail-com
New Member
yayaroon
Level 1
Did the information on this page answer your question?
You have clicked a link to a site outside of the TurboTax Community. By clicking "Continue", you will leave the Community and be taken to that site instead.