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I created an llc with my brother last year, his name was…

I created an llc...

I created an llc with my brother last year, his name was just on it. There was a loss and now I need to file taxes. I removed him from the llc this year. do i still need to do a 1065 or can i just do a schedule c

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Answered in 3 minutes by:
3/18/2018
Barbara
Barbara, Enrolled Agent
Category: Tax
Satisfied Customers: 5,747
Experience: 20+ years of experience in tax preparation; 30+ years of experience as a real estate/corporate paralegal.
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Welcome to Just Answer. My name is ***** ***** I will be happy to assist you.

If the LLC/partnership was in existence as of 12/31/17, you will have to file Form 1065.

Mark the 1065 and K-1s final.

Use Schedule C for 2018 going forward.

Please let me know if I can assist you further.

Thank you and best regards,

Barb

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Customer reply replied 1 month ago
I would mark it as first and final?
I had a feeling that was the answer. Would there be penalty if i just did a schedule c. He already did his tax return and i was trying to avoid a k-1 for 0. Also, since it would be the first time filing for the llc, his info technically would not be in the system.

You would check the Initial and Final boxes on Line G.

If you applied for an EIN and stated you were a multi-member, the default is partnership.

The IRS is going to be looking for the 1065.

Barbara
Barbara, Enrolled Agent
Category: Tax
Satisfied Customers: 5,747
Experience: 20+ years of experience in tax preparation; 30+ years of experience as a real estate/corporate paralegal.
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Barbara and 87 other Tax Specialists are ready to help you
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Customer reply replied 1 month ago
ok thank you

Thank you for the positive rating of my answer. It is very much appreciated.

Enjoy the rest of your weekend.

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Barbara
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