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.
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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.
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
@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.
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