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LLC partnership suffered catastrophic losses from fire in
LLC partnership suffered catastrophic losses from fire in 2017. Losses flowed to partners' personal returns and have not yet been used up.Are insurance proceeds paid to LLC partnership in 2018 income … read more
Rick
Rick
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took 50% of the adjusted gross from a fix and sell real estate deal. partner wrote check in my name. trying to figure out how only to pay income tax with this money and not self employed tax… read more
Lev
Lev
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Bachelor's Degree Equivalent
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On my K1 income is showing up as ordinary income and self
On my K1 income is showing up as ordinary income and self employment earnings. Last year it only showed up as ordinary income on my K1. Is this a new tax law and is my software automatically calculating the SE earnings? I'm just not sure why it's computing both this year. Can you help me? … read more
DK_CPA
DK_CPA
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I have more than one investment in LLCs through a single
I have more than one investment in LLCs through a single Self Directed IRA account. Do I file one single 990T for all of them combined or do I need to file separate 990T for each of these passive inve… read more
Lev
Lev
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Taxpayer is a Husband and wife LLC owned 50/50. Only the
Taxpayer is a Husband and wife LLC owned 50/50. Only the husband is a managing member and works in the business, the wife does not work and is not a manager. The business is a cement construction busi… read more
Lev
Lev
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Bachelor's Degree Equivalent
33,974 satisfied customers
Second opinion. I do not think the answer from the expert
second opinion. I do not think the answer from the expert about the use of Sch C for the self-employed income or expenses obtained from K1 of Form 1065 issued by my own small LLC company (rather than … read more
Robin D.
Robin D.
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I formed an EIN back in 2012. However, 2016 was the first
Hi! I formed an EIN back in 2012. However, 2016 was the first year I filed my taxes under the number. I just got off the phone with the IRS. They told me I need to file returns for 2021,2013,2014 and … read more
Mark Taylor
Mark Taylor
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For a single member LLC, can the Salary & Wages be carried
For a single member LLC, can the Salary & Wages be carried on the K1? The K1 for the 1065 has 'Line 14, Self-Employment Income', the K1 for the 1120S doesn't seem to have the same magnificent feature.… read more
Lane
Lane
JD, MBA, CFP, CRPS
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We have a 3 person LLC and no employees. It was started last
We have a 3 person LLC and no employees. It was started last year and generated about $100,000 in revenue but also had an equal amount of expenses so there was no profit and therefore no federal or st… read more
emc011075
emc011075
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Lev, do you know if owners of LLC (file 1065 form) may have
Hi Lev, do you know if owners of LLC (file 1065 form) may have salaries (W_2) from their companies?… read more
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Lev
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Do I have to file a form 1065 if I own an LLC with my wife
Do I have to file a form 1065 if I own an LLC with my wife and we both run the business together?… read more
BK-CPA
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Taxation of the LLC Individual/Partnership: Not taxed as
Taxation of the LLC Individual/Partnership: Not taxed as a separate entity from owner(s). S-Corporation: Planning to elect an S-Corporation tax structure. Corporation: LLC is planning to elect a Corpo… read more
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Lev
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I am one of two Members of a California LLC (taxed as a partnership)
I am one of two Members of a California LLC (taxed as a partnership) that opened a SIMPLE IRA account in 2013. The two Members made contributions last year, and we are now trying to figure out how to … read more
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Anne
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I have few tax related questions and would be great if you
I have few tax related questions and would be great if you could answer them for me. Let me present to you the scenario. Let's say, I am currently on H1B visa. I form new LLC with my friend who is US … read more
Lev
Lev
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Partnership income/loss reported on K-1. Partners also are
Partnership income/loss reported on K-1. Partners also are indep. contractors with Sched C income/expenses separate from their K-1 info. Is K-1 income subject to SE tax? Is K-1 included on Sched C? Ho… read more
Lev
Lev
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I have a client who did not consult with me before the converted
I have a client who did not consult with me before the converted 11 properties to separate LLCs with their husband. They have always reported their rentals on schedule E on their personal return. Thei… read more
Lev
Lev
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Bachelor's Degree Equivalent
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The IRS has my LLC classified as a disregard entity. My
The IRS has my LLC classified as a disregard entity. My business is owning and renting residential real estate. Does this mean that a K-1 will not be necessary, and the income/loss from my rentals wil… read more
Robin D.
Robin D.
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Are “guaranteed payments” on Form1065 taxable to a partner?
How is “guaranteed payments” on Form 1065 taxable to a partner? I manage an LLC (let's call it A, LLC), which is taxed as a partnership (files 1065). Both partners are other companies (B, LLC and C, L… read more
Lev
Lev
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Bachelor's Degree Equivalent
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