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Business & farm
If this is a single-member LLC, disregarded entity for tax purposes, then you should report it on your personal return Schedule F and not as "other reportable income".
If this is another type of LLC, such as one taxed as a partnership, then it should be reported on a tax return for the entity.
The IRS information return matching program will look for the amount to appear on a tax return. If you receive a notice from the IRS that it is missing, provide evidence of where the amount was reported.
Yes, this thread contains useful additional examples and discussion of this topic.
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‎April 13, 2024
2:30 PM
4,560 Views