Question

I have an LLC with my brother and that LLC owns two properties, how should I show income and loss from that LLC?

Forum|Forum|5 years ago
March 14, 2021
1 reply
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I'm looking at rental property part of turbotax, but I think there is more to it. If anyone has any input, it would be appreciated.

TurboTax Premier Online

S

SweetieJean

Employee

A domestic LLC with at least two members is classified as a Partnership for federal income tax purposes, unless it files Form 8832 and elects to be treated as a corporation. So your LLC may actually be a Partnership. If so, it files its own Federal income tax return, Form 1065. Then the Partnerships issues each of the members (you and Brother) a K-1, which you claim on your individual tax return. There may also be some special State forms for this.

Partnerships | Internal Revenue Service (irs.gov)