Re: Stock sales to report for accounts held in the name of Single Member LLC

meyercpa · ‎03-29-2021

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.

qbteachmt · ‎03-29-2021

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 · ‎03-29-2021

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!

Stock sales to report for accounts held in the name of Single Member LLC

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