Which form to use for a multi member partnership LLC doing real estate flips? Would 4797 work?

Yes, munise, the Form 4797 would be suitable for a multi-member partnership LLC engaged in real estate flipping. However, when using QuickBooks Online as a partnership, you can utilize the Form 1065 to report your transactions. Allow me to provide more information regarding this.

For your real estate flipping LLC with multiple partners, let's refer to these guidelines from the IRS website:

1. Use Form 1065 to report your partnership's total income and expenses.
2. Distribute Schedule K-1 to each partner, showcasing their individual portion of income, deductions, and credits from the partnership.
3. Use Form 4797 to report each property sale as ordinary business transactions.
4. Partners will use their Schedule K-1 alongside Form 4797 to accurately complete and file their personal tax returns.
5. For accuracy and tax optimization, consider consulting with a tax professional experienced in real estate and partnership taxation.

To configure settings for a partnership or limited liability company in QBO, follow these steps:

1. Go to the Gear icon, choose Account and Settings.
2. Select Advance.
3. Under Company type and Tax form, click the pencil icon.
4. In the drop-down menu, choose partnership or limited liability company (Form 1065).
5. Then hit Save. 

To file Form 1065 in QuickBooks Online (QBO), you can follow these steps:

1. Go to the Taxes tab.
2. Choose Partnership and then select Form 1065.
3. Fill in the required information for the partnership.
4. Review the form for accuracy and submit it electronically or print it for mailing.

Meanwhile, getting the Form 4797, you'll need to file this manually outside QuickBooks Online by visiting the IRS website: 2024 Instructions for Form 4797.

Furthermore, for optimal support, it is advisable to consult an accountant to address this matter. Should you not have an accountant, we offer a ProAdvisor service that enables you to connect with our qualified experts. To utilize this service, simply enter your zip code to explore the available options on the Find My Accountant website. In many of the profiles, a complimentary consultation is offered, allowing you to receive valuable guidance.

If you have additional questions about using the appropriate IRS form, don't hesitate to reach out here. We're available to offer assistance. Have a great day.