Question

Land Investment LLC tax filing

Forum|Forum|4 years ago
April 2, 2022
1 reply
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Hi, I have an LLC that is used for landholding and investments.

I have 2 landholdings on the name of this LLC with varying investment structures.

1) Retail Land-1 --> my LLC is a partner in a bigger partnership and received K1 from that partnership.

2) Retail Land-2 --> my LLC is the majority partner with 2 other partners invested in a bigger partnership that sent a K1 on my LLC name.

Both K1s have a loss right now, because of interest charges.

I need to generate K1s for the 2 partners involved in Retail Land-2. I don't want to include loss from Retail Land-1 since that's investment only.

TurboTax Business Windows

AliciaP1

You are identifying that your LLC has ownership in 2 other entities and those 2 entities filed returns that resulted in your LLC receiving K-1s. The responsibility of providing K-1s to the 2 minority partners of "Retail Land 2" is on "Retail Land 2". The 1065 filed for "Retail Land 2" should have identified all 3 partners on the filing and sent the K-1s to each partner as appropriate.

You are only responsible for reporting both K-1s on your LLC tax return, whichever form is correct for the structure of your LLC.

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