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Updated almost 6 years ago,
Reporting Business Income on Form 1065?
I started an LLC in late 2018 as a domestic partnership between my mom and I. When we opened it, we got the EIN and notice from the IRS about filing form 1065, which is standard.
Fast forward to tax time, we own another property in our own names that's split 50/50 and reported in Part 1 of schedule E. However, when comparing how the LLC was filed, it was reported in the same section. Am I missing something? I would have thought a 1065 and K-1 would need to be filed and would have appeared in part 2 of my return.
I confirmed with my CPA that this is okay, but everything I look up is contradictory regarding partnership returns needing form 1065.
Thanks,
Trevor