Posted by Bill Bronchick on May 03, 2004 at 14:28:44:
You have the theory correct, but the form wrong. If the multi-member LLC sends a K-1, you would likely report that on schedule E of your personal return.
Single member LLC as member of Multi-member LLC - Posted by Randy
Posted by Randy on April 30, 2004 at 09:48:16:
I have a single member LLC who is a member in a Multi-member LLC. My single member LLC received a K-1 from the Multi-member LLC. Can I still file on schedule C of my personal tax return for my single member LLC. Thanks
SMLLC as member of Multi-member LLC - Posted by JOHN K HASLACH, CPA, MST
Posted by JOHN K HASLACH, CPA, MST on May 05, 2004 at 08:45:08:
You would report the income from the K-1 on your personal tax return, but the placing of the income on your 1040 would depend on the nature of the income from the K-1.
Ordinary income and rental income would go on Schedule E. Interest income would be reported on Schedule B, as would dividend income. Gains or losses would most likely either be reported on Schedule D or Form 4797. Other types of income, gain, loss, expense may have to be reported on other forms.