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- Partnership formed and Registered with the state but did not get an EIN
Partnership formed and Registered with the state but did not get an EIN
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JHUMPHCPA13
Level 2
03-30-2022
05:45 PM
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I have a married couple who decided to form a LLC with another couple to rent at a home. They registered with the State of Texas but never bothered to get a federal EIN. There was a 1099 issued from the management company that is in one of the member's social security and mortgage interest that is under the same member's ssn but also lists the husband (not hers one of the other members) name. I am struggling with how to report this. Obviously it should be on a 1065 but no EIN. If I split everything down the middle and place half on couple A's joint return, it creates a disallowed loss; couple B is out of the country so I do not have an idea of what the ramifications will be on their return. I worry that attempting to split and place on the return will cause problems with the IRS this year and into the future. But if I place everything on Couple B's return, how do I determine what the tax consequences should be for couple A? I would appreciate any insight/advice on this situation.
2 Comments 2
sjrcpa
Level 15
03-30-2022
06:32 PM
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An EIN can be obtained at irs.gov in about 5 minutes.
But, who really owns the property? You've got a 1099 and a 1098 in one or 2 people's names and one SSN.
I'm guessing the LLC doesn't own it.
Ex-AllStar
JHUMPHCPA13
Level 2
03-30-2022
07:13 PM
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I haven't been able to decipher who actually owns the property. The wife from one couple is on the 1099 and the husband from the other is on the 1098. It was listed on one couple's 2020 return to claim casualty losses from the Texas freeze but of course it is not the ones who received a 1099.
