Hello Smart fellas,
I have a similar but slightly different situation. I live in Texas and have a Single Member LLC but have elected to use it as an S Corporation. I have one Single Family Rental that is a Subject To (The loan is someone else's name) but the House is Deed-ed to the LLC.
1. Can I just file Schedule E as if this was on my personal tax return, or do I need to use the Business tax and show the income expense on it and then create a K-1
2. If I do need to create a K-1 then, can I use the depreciation which turns most rentals into a loss and then use the K-1 to file the personal return?
Thank you!
