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floydsr
New Member

I have 2 LLCs, one done on 1120S, and then i got one which i have to process using a schedule E identified as a business. what form would i use along with the Schedule E.

I formed a LLC a couple years for real estate investing. it is taxed as an S-corp using 1120S. I have now created another LLC for the properties that I am going to hold as rentals.  I was told I have to report these using schedule E.  what main form do I use the schedule E under, this is a business and not my personal rental.  I know I cant use a schedule C, its not used for LLC, Partnerships etc. .

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Accepted Solutions
RichardG
New Member

I have 2 LLCs, one done on 1120S, and then i got one which i have to process using a schedule E identified as a business. what form would i use along with the Schedule E.

Since your LLC is a disregarded entity, you report the rental activities on your personal return the same as if the LLC did not exist.

You'll report the rental properties under the business tab (if you're using TurboTax Self-Employed) or under Federal Income (for TurboTax Premier) as Rentals & Royalties.  The program will ask about the name of your business and EIN as part of the interview.  The program will then generate Schedule E to report your rental income and deductions.

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3 Replies
RichardG
New Member

I have 2 LLCs, one done on 1120S, and then i got one which i have to process using a schedule E identified as a business. what form would i use along with the Schedule E.

Is the new LLC also an S corporation, or is it a disregarded entity?
floydsr
New Member

I have 2 LLCs, one done on 1120S, and then i got one which i have to process using a schedule E identified as a business. what form would i use along with the Schedule E.

disregarded
RichardG
New Member

I have 2 LLCs, one done on 1120S, and then i got one which i have to process using a schedule E identified as a business. what form would i use along with the Schedule E.

Since your LLC is a disregarded entity, you report the rental activities on your personal return the same as if the LLC did not exist.

You'll report the rental properties under the business tab (if you're using TurboTax Self-Employed) or under Federal Income (for TurboTax Premier) as Rentals & Royalties.  The program will ask about the name of your business and EIN as part of the interview.  The program will then generate Schedule E to report your rental income and deductions.

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