MDFTAX
Level 3
06-21-2025
08:35 AM
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Hello Community!
Thanks for all your help during tax season.
Could you please help me with below?
Completing a 1065 Partnership for a Multi Member LLC ( Husband and wife are the only members)
1- Does it matter if we select box Domestic General partnership or Domestic LLC
2- Having trouble with balancing their Balance Sheet. It seems they started the rental property business account with some existing cash. And then they contributed $25K.
I am off balance by $20K-- what is a better line item to place the $20K difference so that there are no red flags?
---Contributed Capital or
--- Loans to partners
Thanks in advance!
