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Investors & landlords
Why do an LLC at all ??? The rental is reported on the personal return on a Sch E NOT a Sch C unless you run it as a B&B or Motel. The LLC designation will do nothing more for you than a good liability insurance policy which you should already have so why bother with the extra paperwork and possible fees. Before you do anything talk to a local tax pro to see if there are state considerations but for the feds there is nothing to be gained.
I will see if @Carl will chime in here.
‎January 23, 2021
5:01 AM