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Discussion Forum Index --> Tax Questions --> RE PARTNERSHIP
PBERRY (talk|edits) said:
| 28 November 2006
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| A family is going into the Real Estate business. Should a Partnership of S Corp be formed. Thus far only one property. How should SE tax come into play? Does an Operation Agreement need to exist?
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Death&Taxes (talk|edits) said:
| 28 November 2006
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| What is meant by 'Real Estate Business?" Selling it? Developing it? Managing it? Buying it and renting it out? The SE questions depend on what they want to do.
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PBERRY (talk|edits) said:
| 29 November 2006
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| They purchased to rent for 2 years and then Sale, or one of the Partners may move into it and rent out their current home? Either Way, they will continue to rent it out. Would filing a Form 1065 with Sch. E attached be proper. And profits or loss will flow to the 1040?
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JR1 (talk|edits) said:
| November 30, 2006
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| Form an LLC, taxed as usual 1065...
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Death&Taxes (talk|edits) said:
| 30 November 2006
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| Use Form 8825 to attach to the 1065; the rent is not reported on the front page at all but flows directly to Schedule K.
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PBERRY (talk|edits) said:
| 1 December 2006
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| Got it! I was hoping that someone would chime in. I just love Tax Almanac, I live here nowadays!
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