investment sch c

[rwm221]

I have a client who has created an investment co LLC. They are a sole proprietorship. She has k-1 for the investment co. Where does that go on the sch c

Thank You

[AusTaxCPA]

Interested in hearing the responses. It seems like I am missing something.

[TaxGuyBill]

If this is a Single Member LLC that has NOT made an election to be taxed as a corporation, it is a "Disregarded Entity".

So disregard the LLC and treat it as the owner received the K-1 (actually, the K-1 should be made out to the owner anyway).

That means it is reported on page 2 of Schedule E.

[DoubleO]

I have a client who has created an investment co LLC. They are a sole proprietorship. She has k-1 for the investment co. Where does that go on the sch c

Thank You

Can you elaborate on this a bit? Did the LLC receive a K1 from a partnership/1120S, or is this a K1 from her own LLC? Is her LLC a partner in another venture?

[terryats]

You should just fill in the K1 (1065, or 1120S) as you normally would, and it will transfer the amounts to 1040 schedule E (page 2). you will not put it on the schedule c