I started a LLC to own and lease commercial property, how are income and expenses reported

Forum|Forum|7 years ago
June 4, 2019
4 replies
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Best answer by Howard1948

A single-member LLC is considered a "disregarded entity" for purposes of filing a Federal income tax return. It is treated exactly the same as a sole proprietorship. The single-member includes all the income and expenses of the LLC in his or her personal Federal income tax return on Form 1040 reporting them on Schedule C.

I am not familiar with Wisconsin tax law so you should check with local sources on how this is handled. Many states start with Federal AGI which means that the Schedule C information is usually already included in this starting point.

Howard1948

Level 7

The answer depends on how your LLC is organized. Is it: a single-member LLC, a multi-member LLC, a multi-member LLC where the only two members are husband and wife and you live in a Community Property state, an LLC that you have elected to be taxed as a C corporation or an LLC that you have elected to be taxed as an S corporation?

george-jodiehuntAuthor

Level 2

It is a single-member LLC organized in WI

Howard1948Answer

Level 7

TaxGuyBill

Level 13

My interpretation is that the OP is going to rent out the property. If that is the case, the commerical property is reported as a rental property on Schedule E (not Schedule C).