Carl - This is really useful information. If I am reading this right, you don't think one needs to put a rental property (especially when we have just one property) into S-Corp or LLC. It is best managed as personal income? Is that right?
However, does this expose your personal assets to certain liabilities? As you mention, a financial planner suggested to form a business to avoid a tenant coming after your personal assets! Any thoughts?
I had my property managed by a property management company before and I always had the 1099-MISC to report income. Since NOV 2024, my wife and I manage it ourselves. So, we have 1099-MISC for part of the income. The last two months' income is received via wire transfer to my personal account. How & where do I report the self-managed income? Appreciate your input.
Thanks
