meyercpa
Level 1
03-29-2021
01:46 PM
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Hello! I have a client with a single member LLC that has an investment account that received a 1099-DIV and 1099-B. What is the proper way to enter these income/capital gain transactions in the indiviudals return? Should I prepare a seperate 1065 and use a K-1 to get the income (loss) onto the individual's return? Thank you in advance for any guidance.
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qbteachmt
Level 15
03-29-2021
02:33 PM
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You don't have any partners. There is no 1065. This is a disregarded entity. Not sure why the person did this under the LLC; perhaps bad guidance?
It is either Sched C "as a business" or personal.
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George4Tacks
Level 15
03-29-2021
03:43 PM
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Is this the first year? How was it handled last year - you have to be consistent. Has the client elected to file as a corporation?
Answers are easy. Questions are hard!
