Level 3

Question

LLC Dealing with exclusively rental income

Forum|Forum|6 years ago
March 7, 2020
18 replies
49 views

Hi

I am preparing a LLC tax return (1065). The LLC has only rental income. I put rental income on line 1a Gross receipts and sales.

Profit goes to K-1 line 1 Ordinary Business Income (Loss).

Is this correct? Or that would go on K-1 line 2 Net rental Real estate income?

This is my first time LLC with rental income.

ProSeries Professional

This topic has been closed for replies.

Just-Lisa-Now-

Intuit Community Champion

I dont prepare many partnerships and none of them have rentals, but wouldnt you use the Form 8825 to record all the rental income and expenses?

♪♫•*¨*•.¸¸♥Lisa♥¸¸.•*¨*•♫♪

sjrcpa

Level 15

Yes you would

The more I know the more I don’t know.

M

mohanAuthor

Level 3

8825 in addition to 1065? so 1065 line 1a would not be any sales?

I

Inform me

Level 2

I too, preparing an LLC tax return but not showing the product on my select tax return type. Where can I access 1065 on Proseries?

Accountant-Man

Level 13

Pro Series Pro, not Basic. Then Update, Select and download 1065.

** I am "Elevating with Intention!"

I

Inform me

Level 2

Thank you so much!

M

Mike R

Level 2

Report rental income on Form 8825. It show flow to Rental Income on the K-1

abctax55

Level 15

Thanks for confirming what was pointed out yesterday.

HumanKind... Be Both

qbteachmt

Level 15

@Inform me

You had previously asked your question, here:

https://proconnect.intuit.com/community/proseries-discussions/discussion/filing-1065/01/64125#M35790

No need to put it again inside of someone else's topic. Make sure to follow up on your own answers. Peer users are volunteering to help you, so let's make it easy for them. Thanks.

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