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posted Jun 1, 2019 7:03:52 AM

Should I use schedule E or schedule C to report income & expenses for a new single person LLC?

the LLC is for royalty properties.

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1 Best answer
Employee Tax Expert
Jun 1, 2019 7:03:55 AM

Schedule E is for rentals and royalties. Schedule C is for business income/expenses. If you are receiving royalties, then record under the Schedule E.

If you are in the business of producing income that provides a royalty (books, creative works, oil/gas operation) then enter on a Schedule C.

1 Replies
Employee Tax Expert
Jun 1, 2019 7:03:55 AM

Schedule E is for rentals and royalties. Schedule C is for business income/expenses. If you are receiving royalties, then record under the Schedule E.

If you are in the business of producing income that provides a royalty (books, creative works, oil/gas operation) then enter on a Schedule C.