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 You said they were a LLC so why wouldn't you check that box?
2 You don't have any red flags if you track down where the 20K went to and record it accordingly.
"they started the rental property business account with some existing cash"
How is that different than the next $25k they contributed? Let's think it through:
Either this the proceeds of a loan (liability), or it is from them (equity). Did you ask them?
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