Will this be a problem iam single member llc but o...
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Will this be a problem iam single member llc but on my return has a p on schedule e line 28 a is this normal is a mistake i have to fix?

 
3 Replies
Expert Alumni

Will this be a problem iam single member llc but on my return has a p on schedule e line 28 a is this normal is a mistake i have to fix?

If you are a single member LLC that does not elect to be treated as a corporation your LLC is a disregarded entity for tax purposes.

 

This means that the LLC should be reported as self-employment on Schedule C rather than as a partnership on Schedule E.  

 

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Level 15

Will this be a problem iam single member llc but on my return has a p on schedule e line 28 a is this normal is a mistake i have to fix?

How did you enter that on the Sch E anyway?  Did you have a K-1 from somewhere?

Employee Tax Expert

Will this be a problem iam single member llc but on my return has a p on schedule e line 28 a is this normal is a mistake i have to fix?

Critter is right - there would be an entry on line 28 only if you had a K-1.

 

RobertG is right that your disregarded entity should be reported only on Schedule C.

 

So the question is - what is your business and does it have anything to do with rental property? Or is the K-1 totally unrelated?

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