Schedule E on personal taxes when I reported rental income in a husband/wife 2 member LLC and have a K-1 from it?

Forum|Forum|3 years ago
April 17, 2023
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I am assuming I do not have to enter real estate expense/income during my personal taxes while filing with 'TurboTax Premium' while I have a K-1 from my LLC business filing that I will be including?

My LLC is a 2 member LLC between my Husband and I, and we only use the LLC to house our 3 residential rental properties.

DawnC

Employee

Correct. The rental income and expenses are included in the K-1. Enter the K-1 information on your personal tax return. You can add any mortgage or property tax for your personal residence on Schedule A of your personal return, but don't include any costs for the rental properties (those are on the k-1).

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