topic Re: LLC's and Schedule E Worksheets in Get your taxes done using TurboTax

LLC's and Schedule E Worksheets

nanycooley07 — Thu, 25 Mar 2021 18:29:48 GMT

We had an accountant prepare the taxes for our LLC. There is both rental and royalty income associated with this small LLC. There was no Schedule E included with the K-!, yet Turbo Tax is generating one as I prepare my taxes. Turbo Tax says that income from rental real estate and income from royalties must be reported as separate properties on Schedule E. I called the accountant's office and was told that Schedule E's are not used with LLC's.

Re: LLC's and Schedule E Worksheets

Anonymous_ — Thu, 25 Mar 2021 18:34:35 GMT

@nanycooley07 wrote:

I called the accountant's office and was told that Schedule E's are not used with LLC's.

Your accountant is correct; multi-member LLCs report rental real estate income and expenses on Form 8825, not Schedule E.

Your K-1 should contain all of the information you need to prepare your individual income tax return and you will see an entry on Page 2 of your Schedule E for the LLC.

Re: LLC's and Schedule E Worksheets

Mike9241 — Thu, 25 Mar 2021 18:35:16 GMT

the reporting on your return comes from the various line numbers on the k-1. enter them as is. rental income will show up on page 2 of schedule e and any royalty income on line 7 of the k-1 will need to be linked to a column on schedule e page 1