Open TurboTax

Why sign in to the Community?

  • Submit a question
  • Check your notifications
or and start working on your taxes
Announcements
Your taxes, your way. Get expert help or do it yourself. >> Get started
Close icon
Do you have a TurboTax Online account?

We'll help you get started or pick up where you left off.

cancel
Showing results for 
Search instead for 
Did you mean: 
CASFO
New Member

1098 issued in LLC with LLC EIN, where to enter on Tax Return

1. I have few rental properties in my single Member LLC.
( Considered as disregarded LLC for Taxes)
2. Lender will give me a 1098 Interest Paid Statement in my LLC Name
with LLC EIN
3. I collect rent in LLC name from tenants

Question
1. Where will this 1098 Interest paid  ( On Mortage) go on my tax return? Which schedule?
2. I will have to enter rent as income - I assume it will be the same schedule where I will enter the interest paid?
3. If I was to enter on Schedule C - where exactly does rent income go?
4. Where is depreciation calculated for the property? Schedule E, I can see turbo Tax calculate for properties that are in my name.

Many Thanks in Advance.

3 Replies
Critter-3
Level 15

1098 issued in LLC with LLC EIN, where to enter on Tax Return

Unless you are in the business of renting properties where you offer services like a B&B or hotel then ALL of the income and expenses are reported on the  SCH E ONLY. 

 

https://www.irs.gov/forms-pubs/about-publication-527

Mike9241
Level 15

1098 issued in LLC with LLC EIN, where to enter on Tax Return

each property should be in a separate column on schedule E. if the mortgage relates to multiple properties you'll have to allocate. if you don't you will be creating problems if you dispose of one or more but not all in one tax year. you may also need to do this to comply with passive activity rules.

 

from IRS instructions for Schedule E

General Instructions for
Lines 5 Through 21
Enter your rental and royalty expenses
for each property in the appropriate column

 

AmeliesUncle
Level 13

1098 issued in LLC with LLC EIN, where to enter on Tax Return


@CASFO wrote:

2. Lender will give me a 1098 Interest Paid Statement in my LLC Name
with LLC EIN


 

That is wrong.  When you fill out the W-9 for the lender, YOUR name and identification number should be used, NOT the name and identification number of the LLC.

About Community

Learn about taxes, budgeting, saving, borrowing, reducing debt, investing, and planning for retirement.

3.49m
Members

2.62m
Discussions

Manage cookies
v