Solved: My client is a sole owner of an LLC, which gets a K-1 for rental income from another LLC that is in realty rental business. How should he report this K-1 income?

Need-2-Know-More · ‎12-07-2019

The client is the sole owner of the LLC and files it as a disregarded entity. If LLC owns the rental property, then Sch E should be used to report the income and expenses, but in this case the LLC gets a K-1 with rental income on line 2, then how this amount should be entered in the ProSeries tax software? Should I just enter the k-1 line 2 amount on Sch E as rental income?

abctax55 · ‎12-07-2019

Sch E, page 2

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abctax55 · ‎12-07-2019

Sch E, page 2

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Just-Lisa-Now- · ‎12-07-2019

Just enter the K-1 into the K-1 worksheet and it will go where its suppose to go.

♪♫•*¨*•.¸¸♥Lisa♥¸¸.•*¨*•♫♪

IRonMaN · ‎12-07-2019

If he gets a K2, I would tell him to find some snow and go skiing! If he gets a K-1, then I think you want to listen to the ladies.

Slava Ukraini!

abctax55 · ‎12-07-2019

Or a KT-22. Squaw Valley, USA. Site of the 1960 Olympics!

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IRonMaN · ‎12-07-2019

I remember those Olympics well. Since I was about three years old then, it obviously was the first Olympics that I saw. Seeing something for the first time always leaves a lasting impression.

Slava Ukraini!

abctax55 · ‎12-07-2019

I was 5...so yikes, I'm older than you.
The Olympic Rings memorializing Squaw as the site of the Olympics is less than five miles from my office.

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IRonMaN · ‎12-07-2019

Cool
I even opened up Firefox just so I could comment directly to that --------------- consider yourself special

Slava Ukraini!

abctax55 · ‎12-07-2019

I do... I feel very lucky to live in such a beautiful place.

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TAXOH · ‎12-07-2019

I was -2 in 1960.

Just-Lisa-Now- · ‎12-07-2019

I wasn't even thought about in 1960 LOL

♪♫•*¨*•.¸¸♥Lisa♥¸¸.•*¨*•♫♪

My client is a sole owner of an LLC, which gets a K-1 for rental income from another LLC that is in realty rental business. How should he report this K-1 income?

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