Investors & landlords

I don't see the original thread buthere's my 2 cents.

 

 

a single-member LLC is a disregarded entity unless it has elected Corporation status in which case the activity gets reported on the Corporate return  otherwise 

real estate rental activities regardless of where the financing comes from are reported on Schedule E unless significant services are provided to the tenants such as with an AIRB&B then the reporting for that property goes on Schedule C.  so it is possible where multiple properties are involved some where significant services are provided other where they're not you would have reporting on both schedules C and E (very unusual)

 

now if the LLC is not a single-member and not a corporation you have a partnership

in a community property state, a husband/wife only LLC/partnership can report directly on their 1040 splitting the income/loss from the activity based on their relative ownership %'s otherwise a partnership return is required. for 2021 it was due 3/15/2022. there are substantial penalties for filing late which can be about $210 per partner per month late