SINGLE MEMBER LLC TAX REPORTING

by Barry M.
(Atlanta, Georgia)

For tax reporting purposes, if a LLC owns Commercial Rental Property and is owned 50% each by two single-member LLCs, is the single-member LLCs information (i.e., name, address, Tax ID #, etc.) reported on the IRS form 1065 (Partnership Return) Schedules K-1 or is the information of each owner of each single-member LLC included on the Sch K-1?

Answer

If the single member LLCs have their own EINs, then I would use the single member LLC EINs instead of the social security numbers of the members.

The tax information will flow through to the individual members of the SMLLCs regardless, but my reading is to use the SMLLCs' EINs if they have them, otherwise, use the socials.