jodonogh5
New Member

How should a husband and wife who have LLC rental income in Florida file the taxes? Husband and wife file jointly.

 
Carl
Level 15

Investors & landlords

File it "as if" you don't have an LLC at all. Remember, an LLC is considered a disregarded entity by the IRS. Additionally, rental income and expenses are reported on SCH E no matter what. There are not exceptions. So if rental property is the only thing you have in your LLC, you have absolutely nothing to report on SCH C. All rental income and expenses are reported on SCH E as a part of your personal 1040 tax return.
jodonogh5
New Member

Investors & landlords

I am reading that I have to file a 1065 because Florida is not a community state?
Carl
Level 15

Investors & landlords

Florida doesn't tax personal income. But even if you file the 1065 partnership return, it's still reported on SCH E as a part of the 1065 return. Give me a minute to find it, and I'll post a link that has quite a bit of information on this.
Carl
Level 15

Investors & landlords

You need to read all of this, so that when you get to the part for rental property owners, it will hopefully make sense.

https://ttlc.intuit.com/replies/6413908