Janitor Bob Posted January 16, 2008 Report Share Posted January 16, 2008 Client was in a partnership (Event Planning business) for a few years....partners went their seperate ways this past June 2007 and former partner sent her a K-1 (which I will use in preparing her return). When partnership dissolved in June, she formed her own small business (one-person LLC...still event planning). So I, at first glance, I assume I need to do a 1065 for her current single-owner LLC, then a k-1...with that info used to do her personal 1040...which will include two Sch E (one for partnership and one for single-owner LLC. Then of course, she has rental income/expenses unrelated to the above business, so a Sch E for that....Am I missing anything big here? Quote Link to comment Share on other sites More sharing options...
BulldogTom Posted January 16, 2008 Report Share Posted January 16, 2008 Client was in a partnership (Event Planning business) for a few years....partners went their seperate ways this past June 2007 and former partner sent her a K-1 (which I will use in preparing her return). When partnership dissolved in June, she formed her own small business (one-person LLC...still event planning). So I, at first glance, I assume I need to do a 1065 for her current single-owner LLC, then a k-1...with that info used to do her personal 1040...which will include two Sch E (one for partnership and one for single-owner LLC. Then of course, she has rental income/expenses unrelated to the above business, so a Sch E for that....Am I missing anything big here? 1. Schedule E for the partnership K-1 2. Check the box and put the new LLC on a Schedule C, unless she wants to be a corporation. 3. Rental info on the Sch E like you said. It is how I would do it. Tom Lodi, CA Quote Link to comment Share on other sites More sharing options...
kcjenkins Posted January 16, 2008 Report Share Posted January 16, 2008 Single Member LLC is filed on a Sch C unless it's a corp. Multi-member is filed on a 1065, unless it's a corp. She only needs one E, though. Page 1 for the rental income, page 2 for as many K-1s as she may have. You can add columns on the 1065 K-1 input sheet, if you have more K-1's than the page shows. All of them will total to the single Sch E, Page 2. Quote Link to comment Share on other sites More sharing options...
mcb39 Posted January 16, 2008 Report Share Posted January 16, 2008 JB....both answers are correct. The K-1 information will flow from the Partnership K-1 worksheet to Page 2 of the Sch E. The single member LLC 6 months will be reported on a Sch C and the Rental will go on Page 1 of the Sch E. It will all work out just fine. Quote Link to comment Share on other sites More sharing options...
Janitor Bob Posted January 17, 2008 Author Report Share Posted January 17, 2008 JB....both answers are correct. The K-1 information will flow from the Partnership K-1 worksheet to Page 2 of the Sch E. The single member LLC 6 months will be reported on a Sch C and the Rental will go on Page 1 of the Sch E. It will all work out just fine. Thanks to all....It helps to bounce things off of you folks....It is getting very busy very fast...with more complicated returns hitting earlier this year....I usually just get W-2 returns in January...but this year I have several still trying to take care of prior years Quote Link to comment Share on other sites More sharing options...
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