You'll need to sign in or create an account to connect with an expert.
I have a single member LLC that received pass through K1 income form another LLC, do report the income by filing a return for my single member LLC or do I report this income on my personal taxes, I live in AZ BTW.
Report it on your personal taxes. If you have a single member LLC, it is considered a disregarded entity and is reported on your personal tax return.
Your single member LLC income and expenses are reported on your Schedule C. The link has instructions
The K-1 from the other LLC gets reported on your Schedule E. The link has instructions
@CGAZ - You will need TurboTax Self-Employed to report both activities if you are using the Online version.
I am employed (W2), my single member LLC is a side investment issue that I have income and expenses to report...couple things, number 1, can I still use schedule C for expenses from LLC on my personal return? and 2, I know exactly what the LLC income is but have not received the K1 as of yet, should I enter everything I have and file and pay taxes or file an extension until I receive K1?
1 - Yes, your single member LLC will report income and expense on Schedule C which gets filed with your personal return.
2 - Yes, enter what you have, but do not file yet. Don't file until you get the K-1. But, you should still pay what you owe, if anything, by Monday. When you make a payment to the IRS, they will automatically give your the extension. Use the link below.
Get an extension when you make a payment @CGAZ
The investment gain or income that I made from my LLC...where do I file this investment income, I did not participate in the company that will issue the K1 and have no expenses?
@CGAZ There should NOT be a Schedule C.
You would enter the estimated income as a K-1 to estimate how much tax that you owe. When you actually receive the K-1, then you will change the numbers that you entered to reflect what is on the K-1.
Be aware that what you actually RECEIVED may not necessarily be anything what the K-1 shows as taxable. What you receive (distributions) and what is taxable(income) can be very different.
I live in AZ and lived in my home for 15 years, sold this home in 2020 and took a -$75k loss, can I take depreciation adjustment on my AZ State return? I never rented or took home office deductions.
I live in AZ and lived in my home for 15 years, sold this home in 2020 and took a -$75k loss, can I take depreciation adjustment on my AZ State return? I never rented or took home office deductions.
I live in AZ and lived in my home for 15 years, sold this home in 2020 and took a -$75k loss, can I take depreciation adjustment on my AZ State return? I never rented or took home office deductions.
No. A loss on the sale of your main home or a vacation home is not deductible. This is considered a personal loss and isn't deductible for tax purposes.
Still have questions?
Make a postAsk questions and learn more about your taxes and finances.
jdm6599
New Member
pbinoya
New Member
damienorantes202
New Member
barbsmith35
New Member
bens330229
New Member
Did the information on this page answer your question?
You have clicked a link to a site outside of the TurboTax Community. By clicking "Continue", you will leave the Community and be taken to that site instead.