1065 foreign partners LLC

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#1
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20
Joined:
17-Dec-2019 4:15pm
Location:
FL
i filed a 1065 for a foreing llc, they are investors the money is used to build houses and then sell them. in 2019 the investors formed an llc and in the same year they sold a property, i filed the 1065 with the gain of that property sold. the property was on their personal name not in the llc, do i have to do an amended return and put in 0.00 the company and do the same with the personal taxes?
 

#2
Posts:
1716
Joined:
28-Jul-2017 12:08pm
Location:
Somewhere out there...
There is a notion that a partner can act financiallly on behalf of a partnership, and the item is treated as a partnership item. If the partners all agreed that this was the case, I don’t necessarily see any reason to amend.
 


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