Technical topics regarding tax preparation.
22-Oct-2020 12:44pm
- Posts:
- 679
- Joined:
- 30-May-2014 1:43pm
- Location:
- MA
New client has a SMLLC which own multiple commercial real estate buildings. The activity is reported as one item on the Schedule E. Because it is multiple buildings, the rent number is quite larger . I would have thought it better to present each building separately. Is there an official correct way to report it? Normally for a 1065 we would show multiple properties on the Form 8825.
I figure combining the numbers is going to increase the audit risk by showing such a large number on a Form 1040 Schedule E
22-Oct-2020 12:58pm
- Posts:
- 1375
- Joined:
- 22-Apr-2014 9:07am
- Location:
- Chicago, IL
https://www.taxprotalk.com/forums/viewtopic.php?f=8&t=9673Do you think that the fact they are all held in a single entity changes the requirement to report each activity separately? Perhaps that's what the prior tax preparer thinks...
Return to Taxation
Who is online
Users browsing this forum: beardenjv, chicagocpa, Google [Bot], Google Adsense [Bot], IDunnoItDepends, jdctax, JR1, jwmatorres, lckent, MikeH, missingdonut, Nightsnorkeler, Nilodop, rkrcpa, SALYstrikesagain, SlipperyPencil, wallbobbyc, Wiles, Yahoo [Bot] and 143 guests