Question

Personal 1099s on property owned by LLC

Forum|Forum|6 years ago
February 10, 2020
2 replies
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This year we sold commercial real estate owned by an LLC and closed the LLC. A tax return has been filed for the LLC every year and doing the LLC tax return in TurboTax Business shows a tax loss and records it on the K-1s. However, we did receive some money for the sale and the bank has issued a 1099s showing the commercial real estate address but individual names, not the LLC. It seems to me we should report what is on the K-1, but that leaves the 1099s unreported. Any thoughts?

DavidS127

If you did not include the proceeds from the sale of the commercial real estate on your LLC tax return, the gain or loss on the sale of the property by the LLC is not reported correctly on the LLC tax return, and the resulting K-1 is incorrect.

If the amounts reported on the 1099-S form were included in the calculation of the gain or loss on the sale of the property by the LLC, then the 1099-S form has been reported on the LLC return.

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K

kingfook333

Employee

I own a rental house as a individual and sold it. I got a 1099-s form title co. Turbo tax does not recognize this form so I cannot input it

LindaB1993

Please follow these steps to report the sale of your rental property. ( There is no "Tab" specifically for the Form 1099-S.

With your return open in TurboTax, search for rentals and then select the Jump to link in the search result.
Answer Yes to the question Did you have any rental or royalty income and expenses in 2019 for property you own?
When you get to Is This a Rental Property or Royalty? select Rental property and fill out the description, address, and owner.
When you hit Do Any of These Situations Apply to This Property? check the Sold box along with any other boxes that may apply.
Continue following the onscreen prompts to enter info about your rental property. Eventually you'll get to the Review Your [Property] Rental Summary screen. You can report the sale in the Sale of Property/Depreciation section, along with any other pertinent info (like income and expenses)