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How and Where do I record the activities of a Single Member LLC owned by a Partnership?

BillSittig
Level 2

My problem is how and where do I enter the DE activity, Ordinary Business Income, to show up on the Partner K-1 Attachments, separate from the Ordinary Business Income activity of the Rental Real Estate Partnership (Management & Administrative activity)?  K-1, Part III, Line 1.  Majority of operations related to the Rental Real Estate activity is reported on Line 2. 

Additionally, when I show the results of operations for the enterprise, can I populate both Lines 1 & 2 on each Partner's K-1 (on the same K-1?) 

Thanks,

Bill Sittig, CPA

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Accepted Solutions
dd4vols
Level 10
Level 10

 can I populate both Lines 1 & 2 on each Partner's K-1 (on the same K-1?) 

 

no..can't be on the same K-1 input wks. I make up a 2nd K-1 input sheet (same FEIN, etc) and call it "Widget Enterprises LLC Rental" , and has worked for years..

If an answer solves your issue, click on the "Accept as Solution" button! Makes it easier for people to find answers to similar questions that have already been posted.

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1 Comment 1
dd4vols
Level 10
Level 10

 can I populate both Lines 1 & 2 on each Partner's K-1 (on the same K-1?) 

 

no..can't be on the same K-1 input wks. I make up a 2nd K-1 input sheet (same FEIN, etc) and call it "Widget Enterprises LLC Rental" , and has worked for years..

If an answer solves your issue, click on the "Accept as Solution" button! Makes it easier for people to find answers to similar questions that have already been posted.