Carl
Level 15

Investors & landlords

The IRS considers an LLC to be a disregarded entity. That means that as far as the IRS is concerned, your LLC is not a separately taxable entity. Money paid to the LLC is no different in any way, than money paid to you personally. 

In the Business Info tab, I have to put the date when the LLC started doing business, I have out that as 1/1/2019 because that's when the LLC was established and the rental property was put into the LLC.  How can I put Date LLC was established as 1/1/2010?

I just confirmed in by copy of TT business that you don't do that for an LLC. So for you, the LLC started doing business 1/1/2010. Work back through the business profile (or whatever that first part is called in TT business) and change your business start/established date to 1/1/2010. That's it. Then (and only then) can you enter the correct in service date for your rental property as 1/1/2010 or any date "AFTER" the business started doing business.

 

The confusion is this. If you had established an S-Corp or C-Corp and put your rental property in that, then the business start date would be 1/1/2010 and the business "incorporation" date would be whatever day in 2019 you incorporated.

But an LLC is not a corporation. It's a Limited Liability Company that the IRS does not recognize as a separately taxable entity. Therefore the first day of business for your LLC would be 1/1/2010.