I have a small schedule C business which rents the space. Previous landlord/owner of the building wanted to retire and sell the building, so I formed a single member LLC and bought out the building under LLC's name. In 2024, my schedule C business paid over $600 rent to my single member LLC.
1. Does my schedule c business need to issue a 1099-Misc to my LLC? My LLC does have a EIN.
2. I will report the LLC activity on schedule E, right? I did not make any election to be treated as S-crop.
Thanks all.
