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March 8, 2024
Question

K-1 vs business expense

  • March 8, 2024
  • 1 reply
  • 0 views

My husband and I have a small business LLC. When I enter the K-1 into our personal taxes do I also make enteries into the business expense area or is the K-1 the only thing I report. It seems I would be  reporting it twice but I can't tell from the instructions. 

    1 reply

    PatriciaV
    March 11, 2024

    If Schedule K-1 came from your LLC business return, then you would only enter the information from the K-1 into your personal tax return.

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