Llc

[TAX]

Client is LLC in Illinois with 4 members.

Illinois allows series LLC (Main llc has different sub LLC). This client has one building for two years and he has another (he aquired through 1031 excahnge). Series LLC has one Fed ID. How do I prepare tax return?

Prepare 1065 and just like shc "E" show each property in rental scedule and account for expenses. Only concern I have is about 1031 exchange. How do I report it?

Thank you in advance.

[BHoffman]

Client is LLC in Illinois with 4 members.

Illinois allows series LLC (Main llc has different sub LLC). This client has one building for two years and he has another (he aquired through 1031 excahnge). Series LLC has one Fed ID. How do I prepare tax return?

Prepare 1065 and just like shc "E" show each property in rental scedule and account for expenses. Only concern I have is about 1031 exchange. How do I report it?

Thank you in advance.

Can't help you with Illinois, but here's my take on the Federal 1065:

I would report the rental activites on form 8825 for the 1065, like you said.

If the 1031 exchange occurred in 2007, I'd report that on 8824 for the 1065. If the exchange occurred prior to 2007, I'd bring it forward on the series LLC at whatever ending basis shows on the prior return.

[TAX]

Thank you.