Discussion:1065 LLC Rental-again
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Discussion Forum Index --> Basic Tax Questions --> 1065 LLC Rental-again
Discussion Forum Index --> Tax Questions --> 1065 LLC Rental-again
| 5 April 2008 | |
| Prepared a H/W LLC partnership return with 2 rentals - so far so good. I am vascillating about the property they purchsed with the refinance money from the rentals. Do I leave the property as an investment in the partnership, or should I pull it out for schedule D. As an LLC, I think D, but I am confusing myself with the refi proceeds & such, I just can't think anymore.... | |
| 5 April 2008 | |
| I am sorry - I am not making any sense. I am thinking about the property they purchased with the refi proceeds from the 2 rentals. They intend to sell this property in 2008. I think I leave it in the LLC taxes as a partnership. FYI - This is the first year for the return. Thanks. | |
Ken@seamann.com (talk|edits) said: | 6 April 2008 |
| If it is owned by the LLC, it is in the LLC. If the proceeds were used to buy a property "outside" of the LLC, then there was a distribution OR there is a loan from the LLC to the individual, who would then have "investment interest" | |
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