H & W LLC

[David]

H & W own commercial property that is leased to their S Corp business. They have reported the rental information on Sch E in the past.

 

Recently they put the property in an LLC for legal protection. I will be getting an EIN for the TPs.

 

Can a H & W continue to file Sch E or do they have to file a 1065?

 

Thanks.

[Lynn EA USTCP in Louisiana]

1065

[ILLMAS]

8825 = Sch E equivalent

[Lee B]

1065

[kcjenkins]

1065, and don't apologize for the act that the law makes the legal protection cost a bit more in tax prep.  Indeed,  you will be helping them maintain that "protective wall" by filing the 1065  

[KEYWEST_RICKS]

for the record... i do a 1065 in this situation.

 

however, i asked this question at a seminar a few years ago and right in the middle of the presentation, with the whole group of 200 or so CPA's, the presenter stated to me..."that is the dumbest question i have ever received in my history of giving seminars".......and then never answered my question.

 

 

i swear i will never forget this as long as i live.

[Jack from Ohio]

for the record... i do a 1065 in this situation.

 

however, i asked this question at a seminar a few years ago and right in the middle of the presentation, with the whole group of 200 or so CPA's, the presenter stated to me..."that is the dumbest question i have ever received in my history of giving seminars".......and then never answered my question.

 

 

i swear i will never forget this as long as i live.

Sounds like the seminar could have found a much more competent presenter.  That kind of arrogance is NOT indicative of a good teacher or presenter.

[Gail in Virginia]

If it was such a dumb question, why didn't the presenter know the answer?