Need-2-Know-More
Level 1
‎12-07-2019 10:29 AM

The client is the sole owner of the LLC and files it as a disregarded entity. If LLC owns the rental property, then Sch E should be used to report the income and expenses, but in this case the LLC gets a K-1 with rental income on line 2, then how this amount should be entered in the ProSeries tax software? Should I just enter the k-1 line 2 amount on Sch E as rental income?

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abctax55
Level 15
‎12-07-2019 10:29 AM

Sch E, page 2

HumanKind... Be Both

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Just-Lisa-Now-
Level 15
Level 15
‎12-07-2019 10:29 AM

Just enter the K-1 into the K-1 worksheet and it will go where its suppose to go.


♪♫•*¨*•.¸¸♥Lisa♥¸¸.•*¨*•♫♪
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IRonMaN
Level 15
‎12-07-2019 10:29 AM

If he gets a K2, I would tell him to find some snow and go skiing!  If he gets a K-1, then I think you want to listen to the ladies.


Slava Ukraini!
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abctax55
Level 15
‎12-07-2019 10:29 AM
Or a KT-22.   Squaw Valley, USA.  Site of the 1960 Olympics!
HumanKind... Be Both
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IRonMaN
Level 15
‎12-07-2019 10:29 AM

I remember those Olympics well.  Since I was about three years old then, it obviously was the first Olympics that I saw.  Seeing something for the first time always leaves a lasting impression.


Slava Ukraini!
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abctax55
Level 15
‎12-07-2019 10:29 AM
I was 5...so yikes, I'm older than you.
The Olympic Rings memorializing Squaw as the site of the Olympics is less than five miles from my office. :ski:
HumanKind... Be Both
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IRonMaN
Level 15
‎12-07-2019 10:29 AM
Cool
I even opened up Firefox just so I could comment directly to that --------------- consider yourself special :wink:

Slava Ukraini!
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abctax55
Level 15
‎12-07-2019 10:29 AM
I do... I feel very lucky to live in such a beautiful place.
HumanKind... Be Both
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TAXOH
Level 11
‎12-07-2019 10:29 AM
I was -2 in 1960.
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Just-Lisa-Now-
Level 15
Level 15
‎12-07-2019 10:29 AM
I wasn't even thought about in 1960  LOL

♪♫•*¨*•.¸¸♥Lisa♥¸¸.•*¨*•♫♪
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