Hello,
A friend and I registered an LLC (as equal partners) in August 2007 in Texas. We spent about $1000 (split equally between us) in registration and other start up costs etc. We didn't have any income in 2007.
We had selected Jan-Dec as the accounting year for the LLC.
I would like to confirm that I can put my share of the expenses (about $500) as 'non passive loss' on line 28, column 'h' of Schedule E. That column expects the information to come from Schedule K-1 which requires us to file Form 1065. The only applicable parts of 1065 seem to be page
1, Schedule B (with 'No' for all the questions) and Schedule K-1. Am I missing anything?Do we need to do anything else for the federal taxes?
Thanks for any guidance you can provide.
Regards,
- Harshal