Steve M Posted March 4, 2008 Report Share Posted March 4, 2008 Husband and wife formed an LLC and purchased a piece of expensive land to develop. Do to the R E Market, they can't go forward and want to sell the property. Since the IRS has passed a ruling allowing husbands/wives to file individual respective Sch C's instead of 1065's, I wondered if that might be a simpler solution. They have no income from venture - only carrying costs, mostly interest and taxes. Wouldn't it make sense to put the interest on the 4952, and the taxes on Schedule A. The value of the land doesn't seem to belong within the Sch C unless they developed and sold a parcel. But I feel like I might be missing part of the puzzle. Have any of you had this kind of experience? Thanks, Steve M Quote Link to comment Share on other sites More sharing options...
RoyDaleOne Posted March 4, 2008 Report Share Posted March 4, 2008 LLC's only goes on the Schedule C if it is a "business", otherwise, it goes on Schedule F, Schedule E, Form 8825, Schedule A, Schedule B, Schedule D, etc. Quote Link to comment Share on other sites More sharing options...
joanmcq Posted March 6, 2008 Report Share Posted March 6, 2008 Cant file LLC on two Sch Cs, even if it was the right kind of activity. Can't be any kind of state licenced entity. Quote Link to comment Share on other sites More sharing options...
michaelmars Posted March 6, 2008 Report Share Posted March 6, 2008 HUH? a single member llc belongs on a c [or e etc] the issue here is combining the llc's of t&s Quote Link to comment Share on other sites More sharing options...
OldJack Posted March 6, 2008 Report Share Posted March 6, 2008 I would prepare form 1065. Quote Link to comment Share on other sites More sharing options...
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