How to File Form 1065 for 2022 for a Rental Real Estate LLC
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- Опубликовано: 20 окт 2024
- For other 2022 tax filing tutorials for Form 1065, see the playlist below:
• Form 1065 (Partnership...
How to fill out Form 1065 for the 2022 tax year for a rental real estate LLC partnership.
We have a simple example for an LLC taxed as a partnership that purchases a single-family home in Miami Florida and rents it to a tenant. The LLC hired a firm to prepare a cost segregation study, which the LLC used to claim bonus depreciation on eligible assets.
For other form tutorials that might be applicable to your return, check our videos here:
Do you need a partnership return if you lose money?:
• Do I Need to File a Fo...
Real Estate Videos:
Sale of Rental 1250 Recapture: • How to File IRS Form 4...
Real Estate QBI: • Real Estate QBI Deduct...
Sale of Rental Section 1250 Gain: • Real Estate Depreciati...
Nonrecaptured Section 1231 Loss: • How to File IRS Form 4...
Sale of Rental Property Form 4797: • How to Complete IRS Fo...
Other Partnership Videos:
Schedule K-2 & K-3 Filing Exceptions: • Schedule K-2 & K-3: Do...
Schedule C: • Form 1065 Schedule C -...
Schedule B-1: • Form 1065 Schedule B-1...
Schedule B-2: • How to Elect Out of th...
Form 8825 Rentals: • How to Complete IRS Fo...
Record Unreimbursed Partnership Expenses: • How to Record your Unr...
Recourse vs Nonrecourse: • Recourse vs Nonrecours...
Deducting Business Gifts: • Can Business Gifts Be ...
Foreign Owned LLC Form 1065: • Foreign Owned Multi-Me...
Foreign Owned LLC Partnership Pay No Tax: • Foreign Owned Multi-Me...
Do I Need a Form 1065 If I Lost Money: • Do I Need to File a Fo...
Subject to Self-Employment Taxes?: • Do I Pay Self-Employme...
For a larger database of tutorials, please visit our website and search for your question:
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DISCLAIMER: The information provided in this video may contain information about tax, financial, and legal topics. Such materials are for informational purposes only and may not reflect the most current developments. These informational materials are not intended and should not be taken as tax, financial, or legal advice. You should contact an advisor to discuss your specific facts and circumstances. Self-help services may not be permitted in all states or jurisdictions. The use of these materials does not create an attorney-client or confidential relationship. This video does not include information about every topic or issue related to these informational materials.
#IRS #Form1065 #RentalRealEstate #RealEstateTaxes
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Jason, you make the best videos concerning actual tax prep!
Thanks! Not only told me what I needed to do, but navigated me around all the stuff I didn't need to do. Saved me so much time, and gave me confidence.
Nicely Explained with an example.
I am easily understanding Tax filing by watching your example videos.
Thank you
Hi jason. You work of videos is really helpful us ..working in big 4 accounting firms outside of US. You use simple example to explain appreciate your work. Can you also make 1065 form for oil and gas industry firms as example and focus depletion calculation. I watch all your videos 🙂 ... Keep up the good work.
Thanks Jason - very helpful. Any chance you can create an example of how to file a tax return for an LLC partnership that was established to build and sell a new house? This would include securing a construction loan (w/ a down payment), purchasing the lot, and building and selling a new house. Thanks!
Hi! Thank you for your awesome video! I have a question: I contributed my funds in business account LLC Partnersip (2 people my husband and me) in about 15 000 summary. But then it turned out that I don't touched that funds. And I just deposited it on my personal accout. I don't need to pay taxes from this funds, right? Can I show them as a contribution?
Hi Jason - this is a great video, very helpful. For an LLC that holds a rental property what is the complete list of forms that need to be filed? So far I am thinking: 1065, 4562, 8825, and K-1s for each partner. Is that correct?
How do we record the cost sagragation items on tax forms? Do we just add it to the excel then record it on 8949? Thanks!!
can remodel expense and cost to furnish property then be added to the Cost Segregation Study accordingingly based on their allocated %'s?
Thanks Jason for a very informative video. If the partners are foreigners, do we also need to fill Part X of schedule K-2 & K-3? The information in Part X seems to be similar to Part II. Thanks again!
hi, i like your video, quick question, what softaware did you use for filling taxes, and did you offer any kind of training additional to this videos?
If John and Jane each contributed $200,000 why isn't the Partner's Capital accounts not $400,000 on line 21 of Schedule L?
What if we have guaranteed payment and have 8825 income . Do we need to deduct guarantee payment from the 8825 or need to input in page 1 of 1065?
Thanks for the video, Jason! quick question... If a rental business LLC is partially owned by a foreign partnership LLC (non-US residents or citizens), does that also make the partnership a US-traded business? The foreign partnership has no ECI income other than that rental LLC (only provides services outside the US). I'm asking because rental income is definitely taxed, but does that makes ALL of the income of the partnership taxed as well?...
Thank you!
Danny
It's depreciation amount for 6 months of holding period during 2022
@@ashishupadyay1088 what? I didn't understand
@MrDannys431 I am sorry. I was trying to answer the above depreciation related questions
Jason, quick question - Property was placed in service in 2018 and did cost segregation in 2022. Can we take full deprecation ( bonus deprecation) for 5 and 15 years property in 2022? Thank you
where would you add home office expenses for real estate business on 1065 form?
Thank you for the video. I'm having issues understanding how to report k1 in schedule E part II from a partnership that only activity is renting properties... partner will report the income as " passive income from K1" or "non passive income". Partners meet material participation in the business. Thanks
Each partner in a partnership has to determine for themselves whether they materially participate or not (that info isn't in the K-1s). But if it's rental income, that's still considered passive income unless it's a short term rental (average stay 7 days or less), or if the partner qualifies for real estate professional status. So, usually it's going to be passive income for most rentals.
Thanks
Where do you get the depreciation form shown at about 18:46?
Thank you for an easy to follow example!
That's just the depreciation schedule generated by the tax software. Each type of tax software will generate its own depreciation schedule, and they all look a little different. It's just for your records.
Thanks Jason, what software do you use?
Thank you for watching! We use Drake Tax Software to prepare our business & personal tax returns.
What accounting software was used for this?
The financial statements were prepared using Excel, and the tax returns were prepared using Drake tax software.
Awesome tutorial! I've watched it several times. The one item I can't get my head around is the $13579 amt of deprec. on the 4562. Did the software determine that or did you calculate it? How would the calc work? Thanks!
I think it's 800k ÷ 27.5 years ÷ 2. Because only 6 months of holding period during 2022. I may be wrong.
Would you still use 8825 if you are a real estate professional?
Yes. REPS doesn't actually change much, other than potentially making the income non-passive if you also materially participate in the rental.
If you do use the 8825, the income/loss will go on line 2 of the K-1 and limit the loss to $25,000. However, if you instead enter the losses under "deductions", the income/Loss will occur on line 1 of the K-1 and not have the @25,000 limit.@@tax-modern
hey Jason I sent u an email time ago regarding some questions and also a quote.