OrdinaryAvgGuy
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Just a shot in the dark here...
Any tax experts want to give their opinion here?
Set up an LLC last year for some rental property.
Wife and I are 50/50 partners, only members in LLC. Filing as partnership.
Do I have to fill out a 1065 and issue k-1's to both of us or can I get away with filing a schedule C. Would rather do the ladder cause I can fill one out with my eyes closed after 6 beers. Going the other route seems like a PITA but then again the govt loves extra unnecessary paperwork.
BTW, Please spare the Har har har - you gonna' take tax advice on a beer message board? I'm gonna call uncle Sam tomorrow to confirm but would really like to get started on this portion of my taxes tonight.
Any tax experts want to give their opinion here?
Set up an LLC last year for some rental property.
Wife and I are 50/50 partners, only members in LLC. Filing as partnership.
Do I have to fill out a 1065 and issue k-1's to both of us or can I get away with filing a schedule C. Would rather do the ladder cause I can fill one out with my eyes closed after 6 beers. Going the other route seems like a PITA but then again the govt loves extra unnecessary paperwork.
BTW, Please spare the Har har har - you gonna' take tax advice on a beer message board? I'm gonna call uncle Sam tomorrow to confirm but would really like to get started on this portion of my taxes tonight.