I started a LLC 2016 to move real estate properties to from LLC taxed as s-corp that I am going to hold as rentals. This LLC is disregarded entity, I was informed I have to file schedule E as business. I haven't moved property from other LLC to this one yet, how do I report this. Also, I have a personal rental that I have been doing for several years on schedule E before starting real estate investing. The (s-corp)LLC owns the property, and will be switched to the new LLC, in which I am a manager. property is out of my state, handled by property management, which handled the repairs needed to get in rental condition, and finally rented it. They provided a 1099 misc for the rents received, which are reported to the LLC purchased under.
An S-Corp LLC files its own business return (Form 1120-S) to report any activity from properties it owns.
If you own property directly, or through a disregarded entity, report that activity on Schedule E of your personal tax return.
The new LLC would not be included on your personal return if:
An S-Corp LLC files its own business return (Form 1120-S) to report any activity from properties it owns.
If you own property directly, or through a disregarded entity, report that activity on Schedule E of your personal tax return.
The new LLC would not be included on your personal return if: