I'm using Turbotax Premier and working on the Federal Taxes Section. I am not a Real Estate professional, just have a few out of state rentals.
Should I be recording my rental properties under the Rental Properties and Royalties sections or under the Business Items?
I'm using 2 different property managers in that have issued me 1099-MISC to my LLC. The bank account which the property managers send the money to is under my SSN. Do I need to define my LLC in Turbotax or is it just a pass through
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It depends on what type of LLC this is.
LLC is a Limited Liability Company which is a state designation.
What are you for tax purposes?
Is the LLC a Partnership?
My main income is a W2.
Single-member LLC.
You can report the rent on Schedule E.
Enter it as "Rental Properties and Royalties"
No, you do not need to list the LLC in the TurboTax program.
That is just a state designation to protect you from liability.
Rental income is passive, so if any loss is generated from the rentals, that loss may only be used to offset passive income.
Unused loss may be carried forward.
Please keep track of depreciation, that is a factor when rentals are later sold.
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