imjulier Posted March 6, 2009 Report Share Posted March 6, 2009 Hopefully someone has some experience with this because I don't. Client set up an LLC (one person) to use to invest in various activities but has only invested in one so far. An oil and gas partnership which issues a K-1. I don't have the paperwork yet so I don't know if client or LLC name and tax id are in the K-1 but I'm guessing its going to be for the LLC. How do I handle this? A Sch C with the K-1 information on it? Any guidance is greatly appreciated. Julie Quote Link to comment Share on other sites More sharing options...
RoyDaleOne Posted March 6, 2009 Report Share Posted March 6, 2009 A single member LLC is a disregarded entity, unless an election otherwise, for federal tax purposes, therefore enter the K-1 in ATX of the single member as if it had been issued to the single member. Quote Link to comment Share on other sites More sharing options...
imjulier Posted March 6, 2009 Author Report Share Posted March 6, 2009 Thanks RoyDaleOne for the response. That makes sense for a disregarded entity....I just wasn't thinking along those lines. Julie Quote Link to comment Share on other sites More sharing options...
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