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M
MDFTAX
Level 3
June 21, 2025
Question

1065 - Partnership Return

  • June 21, 2025
  • 2 replies
  • 13 views

Hello Community!

Thanks for all your help during tax season.

Could you please help me with below?

Completing a 1065 Partnership for a Multi Member LLC ( Husband and wife are the only members)

1- Does it matter if we select box Domestic General partnership or Domestic LLC
 
2- Having trouble with balancing their Balance Sheet. It seems they started the rental property business account with some existing cash. And then they contributed $25K.
I am off balance by $20K-- what is a better line item to place the $20K difference so that there are no red flags?
 
---Contributed Capital or
--- Loans to partners
 
Thanks in advance!

    2 replies

    IRonMaN
    IRonMaN
    Level 15
    June 21, 2025

    1  You said they were a LLC so why wouldn't you check that box?

    2  You don't have any red flags if you track down where the 20K went to and record it accordingly. 

    Slava Ukraini!
      qbteachmt
      qbteachmt
      Level 15
      June 23, 2025

      "they started the rental property business account with some existing cash"

      How is that different than the next $25k they contributed? Let's think it through:

      Either this the proceeds of a loan (liability), or it is from them (equity). Did you ask them?

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