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Hello SimonK,
If you have not elected LLC to be treated as Corporation, you will report everything on one return, your personal return. IRS disregards single member LLC and all goes on 1040. You will report rental income on Schedule E and consulting income on Schedule C. You can add the LLC name on your schedule C.
If you have elected LLC to be treated as Corporation, you will file a separate return from your personal return and will get a k1 from corp. (If it is a S-Corp.) that you will report on your personal return.
Thanks for participating in TurboTax's Ask the Expert event today. I hope this information was helpful!
‎October 30, 2024
12:08 PM