All Forum Posts by: Jon Jacobs

I own a property through an LLC with 5 partners. I know I need to prepare form 1065 and K-1s, but I can't figure out how rental income/expenses fit into Form 1065? Is rental revenue my sales, where do operating expenses go, etc? Do I need to fill out form 8825 and if so, where does that flow to 1065?

Thanks!

Hi All -

I am purchasing an a duplex through an LLC that will have 3-4 members in it (I will be managing the property and LLC). I know the basics in terms of how this impacts taxes (flows through to personal financials Schedule E). Obviously the distributions are made based on equity contributions, so for each investor to report their distributions, would I need to allocate rental income, expenses, depreciation, etc for them to complete their taxes?