topic If a partnership LLC does no business and is not required to file 1065, K-1, and members do not wish to claim expenses, do individual members still file 1040, E, SE? in Business & farm

If a partnership LLC does no business and is not required to file 1065, K-1, and members do not wish to claim expenses, do individual members still file 1040, E, SE?

ericknsmith — Tue, 20 Oct 2020 00:07:19 GMT

The only expenses would be licensing and unpaid time starting the business. Not sure if it is a worth while deduction.

Re: If a partnership LLC does no business and is not required to file 1065, K-1, and members do not wish to claim expenses, do individual members still file 1040, E, SE?

M-MTax — Tue, 20 Oct 2020 04:01:17 GMT

Not worth while because the partnership can't deduct partner's unpaid time.

Re: If a partnership LLC does no business and is not required to file 1065, K-1, and members do not wish to claim expenses, do individual members still file 1040, E, SE?

Anonymous — Tue, 20 Oct 2020 04:45:52 GMT

Domestic Partnerships
must file Form 1065, unless it
neither receives income nor incurs any
expenditures treated as deductions or
credits for federal income tax purposes

if it never wants to claim those licensing expenses as a deductible expense no return is required. thus no schedule E or SE. whether you have to file a 1040 is a different question.