Hi.
My husband and I own a property with his parents (mortgage and title under all four of our names). We rent this property out in FL. To keep things clear we created an LLC for banking issues. All of our airbnb payments and expenses flow through the LLC. (We have yet to take any income from the rental).
My question is:
1) Rental Income - Since the home is in our name and not the LLC - do we complete the form 8825?
2) Where to place the income: Do we consider the rental income/payouts from Airbnb as LLC "gross receipts/sales" - ordinary income? Or do we place this as Schedule E - Part I - personal rental income?
Part 2: If we put the rental income under Schedule E - personal, than do we put no income for the LLC on Form 1065 (remember, the Airbnb payouts go to the LLC directly).
THANKS!
