TurboTax Home and Business

[Sanjay Gupta]

I flipped property in 2017. We had two partners and used our personal name when buying. At time of buying, we did not have LLC setup.

later on we have LLC and LLC taxes are taken care by CPA.

How do we report sale of property which we did on our name , we have received 1099-S form ? We want to treat as business but at that time we did not have any LLC setup.

We should be able to deduct miles deductions.

There was also some tax withheld Form 593 so need to see how this should also be accounted.

Thanks a lot.

[Basit Siddiqi]

@Sanjay Gupta

The issue you have is that if the real estate was not titled in the name of the business entity - the tax documents will be issued to the social security number of the title holder.

Nominee in when you mention that you received income/deductions in behalf of someone else.
So I would do something like this on your return.
Report the income on your individual return and back it out as an equal expense and mention that it will be reported by entity "ABC, LLC with EIN 11-1234567"

This way the IRS/States know that you are not missing the information.
Then it is your job to have it reported by the business entity.
The business entity will distribute a K-1 to you with your share of the income.