set up to own some real estate. Where are we at in filing - 1065 or straight to the Scedule E???
-
-
Llc
I would put on a Schedule E.Much cheaper for client. -
Husband-Wife LLC's
So, why arethe provisions of TTB PP. 20-3, bottom left column (continues to pp. 20-4), not applicable? Keep in mind if TPs' make a election for separate reporting as H and W (however we now define H and W), that is irrevocable.
Also, there is a material participation requirement for both spouses for this to be valid.Friends double; family triple. Don't buy an audit for yourself. If someone has to go to jail make sure it is the client. Remember it is only taxes, nothing important.Comment
-
Llc
OP says LLC owned by husband and wife - TTB 20-3 "Business is co-owned by both spouses...and is NOT held in the name of a state law entity such as .... LLC"Comment
-
My understanding has always been, if H/W formed an LLC and elected as a partnership and have registered with the Sec of State and a deed is present on the Rental Property in the LLC name , I have little or no choice but to file a Form 1065, Rental Property it is filed as 1065 - form 8825 attached, K-1 forms and pass through to each LLC member (as in husband and wife)
Guess you have to look to the LLC agreement and also the Secretary of State filings to determine.
I only use the Schedule E for H/W as a joint - when I have no entity present, as in a Joint tenant husband/wife rental property. - No LLC filed, no entity created.
SandyComment
Comment