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Solved

How to change ownership % and special allocations in LLC Rental Property on 1065

Forum|Forum|3 years ago
April 8, 2023
1 reply
0 views

Hi. We bought a rental property and started renting it out in 2022. For our 2022 taxes we allocated the losses 90% / 10% based on the amount of capital invested in the property. I anticipate that we will have a loss again this year and will probably keep the same 90/10 split but... but when we start making a profit will we be able to change that % each year in TT? Or will it carry the same 90/10 for all future years?

Thanks in advance.

Best answer by AliciaP1

It will carry over, but you can report the ownership percentage change anytime it happens. You will just need to Edit each partner's share of income and losses in the Partner/Member Information section of TurboTax Business.

It will carry over, but you can report the ownership percentage change anytime it happens. You will just need to Edit each partner's share of income and losses in the Partner/Member Information section of TurboTax Business.

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kathryn91Author

Employee

Thanks so much!