PatriciaV
Expert Alumni

Business & farm

The same logic applies. A single-member LLC is the same as the individual. If you report the guaranteed payments on Schedule C, you also report them as income. The two entries cancel each other out.

 

A foreign country may require you to report the guaranteed payments because they are paid by a US company. But for a US federal tax return, you would not report the guaranteed payments as wages or income.

 

@szam2 

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