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- MFJ return with rental property LLC in non-community property state
MFJ return with rental property LLC in non-community property state
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CFCCPA2
Level 1
2 weeks ago
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I have a MFJ client with a rental property LLC (they are both 50/50 owners) in a non-community property state (OK). They file their 1040 in Texas. I understand that because their rental property LLC is in OK, that they will have to file a partnership return. Does this mean that they will have to issue themselves a Schedule K-1 through the LLC?
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sjrcpa
Level 15
2 weeks ago
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"They file their 1040 in Texas"
Meaning they live in Texas? A community property state?
Did they acquire this OK LLC/rental property before they resided in Texas or after they already did?
I don't know if it matters. I don't know much about community property. Throwing the questions out for those who do know.
If a 1065 is required, yes there will be K-1s.
Ex-AllStar
