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dkc-judson
February 27, 2025
Question

Do I need to file schedule C for losses on form 1065?

  • February 27, 2025
  • 1 reply
  • 0 views
Can I report losses on schedule C for my LLC business?

    1 reply

    AmyC
    AmyC
    Employee
    February 27, 2025

    1. You do not file sch C for losses on 1065. Your partnership will generate a k-1 that goes on your personal return to report the losses.

    2. An LLC is a legal entity not a tax entity. If you have 2 or more people, it is a partnership and you file form 1065. A sch C is used:

    •  when you are the sole proprietor and have not elected to be treated as another tax entity OR 
    • if you happen to live in a community property state and run the business with your spouse - then you can file a Sch C for each person splitting income and expenses in half.
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