New subscriber here.
Have a new client that is a part year resident in MO & KS. Is sole owner of a WY LLC Holding company that has series llc's in Wyoming, New Mexico, Colorado, Nevada, Montana, North Dakota, and Washington. She purchases and sells government land and the mineral rights. Started operation in 2020 so all sales would be short term. Have had experience with single state series returns for rental properties, where a tax return is filed only for the parent/holding LLC, but not multistate Series LLC's. I assume that each of the state's that have state tax would want their share and MO & KS would collect their share as residential tax. So my questions are.
1. Do I enter the cost and sales for each state on schedule D? approx $865k short term gains
2. Then do I create one Schedule C To enter her expenses or create C's for each of the states? Expenses total $205+-
Any help/advice would be very much appreciated!!!