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Old 03-03-2014, 09:03 AM
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Two Member LLC, tax forms

Me and my brother are the only members in a LLC for a farm we purchased. Total income for farm is less than $3,000.

Does the LLC have to file anything with the IRS? or do me and my brother file with our personal income taxes?

I think we file form 1065. I'm just not sure if it is filed under the LLC or if it is filed with our peronal taxes.

Thanks



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Old 03-03-2014, 11:27 PM
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Originally Posted by kscott1994 View Post
Me and my brother are the only members in a LLC for a farm we purchased. Total income for farm is less than $3,000.

Does the LLC have to file anything with the IRS? or do me and my brother file with our personal income taxes?

I think we file form 1065. I'm just not sure if it is filed under the LLC or if it is filed with our peronal taxes.

Thanks
you need to file Form 1065 and Sch K-1, using the information on your personal and business financial documents. You need to use your personal financial documents to provide the information in the Sch K-1 section, which requires you to disclose information about your personal income. The partner's share of ordinary business income is reported on Sch E, line 28, column j and on Sch SE. Other income is generally reported on the same form or schedule that it would have been had it been personal, non-partnership income. as you are filing as a partner, you generally have to make estimated tax payments if you expect to owe tax of $1K or more when you file your return.



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