NateTheGrEAt
Employee Tax Expert

Business & farm

Creating a single member LLC (in other words, one which is 100% owned by you) does not impact your tax situation in any way. A single member LLC is by default considered a "disregarded entity", meaning that for tax purposes, you treat the income in the same way as if the LLC did not exist. 

 

An LLC with one owner can elect to be taxed as a corporation, but this is generally not optimal for an entity that holds passive investments. This would also require you to spend the time and money to file an additional tax return for the corporation every year in addition to your personal tax return. 

 

If you are paying management fees for your mobile home these can be expensed on Schedule E on your personal tax return. It is not necessary to create an LLC for this purpose. 

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