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M
meyercpa
Level 1
March 29, 2021
Question

Stock sales to report for accounts held in the name of Single Member LLC

  • March 29, 2021
  • 2 replies
  • 7 views

Hello! I have a client with a single member LLC that has an investment account that received a 1099-DIV and 1099-B. What is the proper way to enter these income/capital gain transactions in the indiviudals return? Should I prepare a seperate 1065 and use a K-1 to get the income (loss) onto the individual's return? Thank you in advance for any guidance. 

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2 replies

qbteachmt
qbteachmt
Level 15
March 29, 2021

You don't have any partners. There is no 1065. This is a disregarded entity. Not sure why the person did this under the LLC; perhaps bad guidance?

It is either Sched C "as a business" or personal.

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    George4Tacks
    George4Tacks
    Level 15
    March 29, 2021

    Is this the first year? How was it handled last year - you have to be consistent. Has the client elected to file as a corporation? 

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