I started my real estate empire (two buildings!!) last year under an LLC. I filed my 2013 personal taxes and assumed that I could just use Schedule E for the real estate activity. However, I now see that I need to file a tax return (Form 1065) for the LLC as the LLC is actually a two member LLC. The two members of the LLC are my wife and I. I believe that I will need to file the 1065 for the LLC and then issue my wife and I a Schedule K1. Then I will need to amend my personal tax returns. The amendment should be a non-event in terms of $$s.
Are there any CPAs in the Mansfield Ohio area that I could consult with for an hour or so? I would like to discuss this issue and my overall situation. I did file an extension and thought I had until October 15th, but the extension for the 1065 is only through September 15th.
Any suggestions on a good real estate CPA in Mansfield would be greatly appreciated!!
It is considered a disregarded entity so a p-ship return is not necessary. Husband and wife only count as one member. Schedule E on 1040 will be fine.
However, I would highly recommend John Hyre in Columbus for your taxes, even if you only need a schedule E. I found out there were a lot of choices on the tax returns especially in depreciation areas. I've had to readjust my tax planning to meet my current real estate strategies and goals.
Thanks guys - I appreciate the comments!!
, how did it work out with John Hyre?
My property manager actually gave me a name of a local CPA and that worked out well. Thanks!
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