I file a Schedule C for a sole proprietorship business. In 2022 I created a single owner LLC that is for a different business. How do I handle the LLC?

For many years past I have filed a Schedule C for my photography business, which is a sole proprietorship. In 2022 I had a single owner LLC created to hold some real estate I own. The LLC only holds real estate, and currently has no income. It will have no income until I sell the property. How do I handle the LLC in my IRS taxes for 2022? Do I just file a second Schedule C for just the LLC?

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Expert Alumni

Feb 20, 2023 10:22:36 AM

Yes, normally you would need to file another Schedule C for your other Business Income.

However, if the real estate is rental property, the Income/Expenses are reported on Schedule E, not Schedule C.

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I file a Schedule C for a sole proprietorship business. In 2022 I created a single owner LLC that is for a different business. How do I handle the LLC?