LLC tax form - Posted by FBN

import · January 26, 2005, 4:44pm

Posted by John K. Haslach, CPA, MST on February 03, 2005 at 04:04:16:

Did you file the 1065 with only one member? The 1065 is for partnerships, a SMLLC is not a partnership. If you are a SMLL taxed as a disregarded entitiy and have rental income, the correct place for the income and expense is Schedule E.

import · January 26, 2005, 4:44pm

Posted by FBN on January 26, 2005 at 17:44:38:

I purchased a home in 2002, rehabbed it and sold it in 2004. The home was in a SMLLC with me as the member. How do I report the gain on my 1040? Can I report it as a capital gain? There are no other assets in the LLC. Do I have to attach a K-1 form to my 1040? Thanks

import · January 27, 2005, 2:43pm

Re: LLC tax form - Posted by John K Haslach, CPA, MST

Posted by John K Haslach, CPA, MST on January 27, 2005 at 15:43:52:

A SMLLC is a disregarded entity for tax purposes, therefore you do not file a tax return for it. You report the gain on your personal return. Was it rented during the period you owned it? If so, you must report the income/loss on Sch E and any gain would be reported on Form 4797. If you did not rent it, you would report the gain on Sch D as long term capital gain. Your basis would include all your costs to rehab it. You would also be allowed to deduct from the gain any expenses related to the sale. It is not a bad idea to sit with a CPA who is comfortable with the area and discuss this with him.

import · January 26, 2005, 6:19pm

Re: LLC tax form - Posted by chet

Posted by chet on January 26, 2005 at 19:19:18:

you really should talk to a CPA>

1065 if you’re single member LLC not taxed like corp. The K-1 to bring to 1040.

import · February 2, 2005, 3:54pm

Re: LLC tax form - Posted by John K Haslach, CPA, MST

Posted by John K Haslach, CPA, MST on February 02, 2005 at 16:54:50:

Single member LLCs do not file form 1065.

import · February 2, 2005, 4:28pm

Re: LLC tax form - Posted by chet

Posted by chet on February 02, 2005 at 17:28:24:

Is it o.k. to use it?

neither the stat nore IRS complained,

import · February 3, 2005, 6:51am

Unless form 8832 filed… - Posted by Randy

Posted by Randy on February 03, 2005 at 07:51:02:

…choosing to be disregarded as a separate entity. Then you can choose to file as S or C Corp