123 Main St LLC
active123 Main St, Charlotte, NC 28202
K-1 Deadline
Mar 15, 2026
Tax Year 2025
K-1 Preparation — Tax Year 2025
Filing Status
In Preparation
Due: March 15, 2026
Tax Classification
Schedule C / Single Member
Pass-through to Jane Smith
Strategy
Flip — Active Renovation
Projected sale Q2 2026
Income & Loss Summary (Tax Year 2025)
Gross Income
$42.50
Interest income only
Total Expenses
$126,180.00
Acquisition + renovation + operating
Depreciation
$737.00
Provisional (flip — short hold)
Net Ordinary Loss
($126,874.50)
Pass-through to investor
Partner Allocations
| Partner | Role | Ownership % | Allocated Loss | Distributions |
|---|---|---|---|---|
| Jane Smith | Investor — Member | 100% | ($126,874.50) | $3,000.00 |
| Total | ($126,874.50) | $3,000.00 | ||
Distribution Tracking
| Date | Recipient | Description | Amount |
|---|---|---|---|
| Jan 25, 2026 | Jane Smith | Q4 2025 distribution (owner draw) | $3,000.00 |
| Total Distributions (2025) | $3,000.00 | ||
Preparation Checklist
3 of 6 completeDepreciation Schedule
Modified Accelerated Cost Recovery System (MACRS) — applicable if held as rental. Current strategy is flip; depreciation is provisional.
Total Depreciable Basis
$77,000+
Excl. land ($20,000)
2025 Total Depreciation
$737
Partial year (Oct – Dec)
Method
Straight-line
No cost seg ordered (flip)
Building — Residential Real Property (27.5 year)
| Asset | Placed in Service | Cost Basis | Method | Life | 2025 Depr. | Accum. Depr. |
|---|---|---|---|---|---|---|
| Building (structure) | Oct 1, 2025 | $72,000 | Straight-line | 27.5 yr | $654 | $654 |
Cost-Segregated Components (5 / 7 / 15 year)
No cost segregation study ordered for this flip property. Components below are estimated allocations.
| Asset | Placed in Service | Cost Basis | Method | Life | Bonus Eligible | 2025 Depr. | Accum. Depr. |
|---|---|---|---|---|---|---|---|
| Appliances & fixtures | — | TBD | MACRS | 5 yr | 100% Bonus | $0 | $0 |
| Cabinetry & millwork | — | TBD | MACRS | 7 yr | 100% Bonus | $0 | $0 |
| Land improvements | Oct 1, 2025 | $5,000 | MACRS | 15 yr | 100% Bonus | $83 | $83 |
| Total All Assets | $77,000+ | $737 | $737 | ||||
Note: Depreciation schedule is provisional. If the property is sold in 2026 as planned (flip), depreciation recapture rules under Section 1250 will apply. 100% bonus depreciation applies to 5, 7, and 15-year property per IRC §168(k) (permanently restored via OBBBA July 2025).
Entity Details
activeLLC Name
123 Main St LLC
Formation State
North Carolina
Formation Date
September 25, 2025
NC SOS Filing #: 2025-0925-XXXX
EIN
**-***4521
IRS Form SS-4 filed Sep 26, 2025
Registered Agent
Charlotte Legal Associates PLLC
200 S Tryon St, Suite 1200, Charlotte, NC 28202
Current Tax Election
Disregarded Entity (Single-Member LLC)
Reported on investor’s Schedule C
Tax Election History
Disregarded Entity
Effective since formation · Sep 25, 2025
Members
Jane Smith
Investor — Sole Member
Annual Report Due
April 15, 2026
Tax Documents — 123 Main St LLC
6 documentsDrop tax documents here or click to upload
PDF, XLSX, CSV, DOC up to 25MB each
K-1 & Tax Returns
K-1 Draft — Tax Year 2025
In preparation · Due Mar 15, 2026
1099 Forms & Compliance
1099-NEC — R² Remodeling
PDF · 42 KB · Jan 28, 2026
Entity & Formation
EIN Confirmation Letter — IRS
PDF · 84 KB · Sep 28, 2025
Operating Agreement — 123 Main St LLC
PDF · 312 KB · Oct 1, 2025
Articles of Organization — NC SOS
PDF · 168 KB · Sep 25, 2025
Property Tax & Deductions
Property Tax Receipt — Mecklenburg County
PDF · 68 KB · Dec 18, 2025
Depreciation Schedule — Provisional 2025
XLSX · 24 KB · Feb 15, 2026