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After you file
You can report the rent on Schedule E.
Enter it as "Rental Properties and Royalties"
No, you do not need to list the LLC in the TurboTax program.
That is just a state designation to protect you from liability.
Rental income is passive, so if any loss is generated from the rentals, that loss may only be used to offset passive income.
Unused loss may be carried forward.
Please keep track of depreciation, that is a factor when rentals are later sold.
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March 18, 2023
7:26 PM
415 Views