JustAnswer > Tax
Ask A Question|Register|Login|Help
JustAnswer

Tax

Ask a Tax Question, Get an Answer ASAP!

Have your own Tax question?

4 Tax Professionals are Online Now
characters left:
Not a Tax Question?
Bookmark and Share

Question

How do I report oil&gas land rental income, if we run a family patnership on business,rental property and operate a farm as well, and the rental payment come in to just one partner my mother in this case. Solely on her 1040 , in the 1065 partnership return.

Submitted: 16 days and 11 hours ago.
Category: Tax
Value: $31
Status: AWAITING CUSTOMER ACTION
+
Read More

Optional Information

State/Country relating to question: Texas

Already Tried:
nothing so far prepare to make estimated Tax Payment

Posted by LEV 16 days and 9 hours ago.

Answer

All business income and expenses are reported on the partnership tax return form 1065 - http://www.irs.gov/pub/irs-pdf/f1065.pdf

 

Net income - after deducting all qualified business expenses will be reported to partners.

Partnership should issue schedules K-1 to each partner reporting pro-rata share of net taxable income - http://www.irs.gov/pub/irs-pdf/f1065sk1.pdf

 

If the income is distributed only to one partner - the schedule K-1 is issued only to that partner.Partners may agree that only one member will receive the whole income and will be liable for taxes.

Members in turn will report income/losses on individual tax returns - in your situation - on schedule E part II - http://www.irs.gov/pub/irs-pdf/f1040se.pdf .

 

I suggest you to provide the information above to your tax preparer for consideration.

Let me know if you need any clarification.

 

Please see additional information in IRS publication 541 - http://www.irs.gov/pub/irs-pdf/p541.pdf


Let me know if you need any help.

 



Edited by LEV on 11/7/2009 at 2:53 PM

16 days and 8 hours ago.

Reply

Answer was not acceptable.

15 days and 7 hours ago.

Reply

Is this choice our option reporting it on a 8825 form rental income for the partnership, or

does it have to go on her 1040 return.

Answer

The partnership should use the form 8825 for rental real estate activities - that is not a choice - the partnership must use this form.

The purposes of the form - to determine net rental real estate income (loss) which is reported on the form 1065 and on the schedule K-1 for each partner. The income from the schedule K-1 would be reported on a partner's individual tax return - form 1040.

 

Let me know if you need any help.

 

Picture
Expert: LEV
Pos. Feedback: 99.3 %
Accepts: 
Answered: 11/9/2009

Tax Preparer

Taxes, Immigration, Labor Relations

+
Read More

Related Tax Questions

  • What was the consumer price index for the years 1900
  • We are a non-profit organization (501.3c) and
  • a non resident rental owner what forms does he need to file
  • If you have gains of approx 300k from a companys realestate ...
  • how much do i sell my restaurant for
  • I need to understand this: My deceased husband owed ...
  • Where can I get a I 90 form?
  • where is my state taxes for tina roper



Disclaimer: Information in questions, answers, and other posts on this site ("Posts") comes from individual users, not JustAnswer; JustAnswer is not responsible for Posts. Posts are for general information, are not intended to substitute for informed professional advice (medical, legal, veterinary, financial, etc.), or to establish a professional-client relationship. The site and services are provided "as is" with no warranty or representations by JustAnswer regarding the qualifications of Experts. To see what credentials have been verified by a third-party service, please click on the "Verified" symbol in some Experts' profiles. JustAnswer is not intended or designed for EMERGENCY questions which should be directed immediately by telephone or in-person to qualified professionals.
Question List | Become an Expert | Terms of Service | Security & Privacy | About Us
© 2003-2009 JustAnswer Corp.