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Investors & landlords
Single member LLCs are typically treated the same as sole proprietorships. The IRS disregards the LLC entity as being separate and distinct from the owner.
Essentially, this means that the LLC typically files the business tax information with your personal tax returns on Schedule C. The profit or loss from your businesses is included with the other income your report on Form 1040. However, it sounds like you would have no income, only expenses for your LLC Business at this time, although you can still file a Schedule C to report them.
Here's more info on Reporting Business Income and Expenses.
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March 12, 2024
11:44 AM