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The LLC was setup as a "disregarded entity" in the sense that the taxes on the rental income less the associated expenses like monthly real estate taxes and Home Owners Association charges, will be "disregarded" from separate tax reporting in a company-specific tax return, as I understand. Rather, the rental income less the associated expenses flow onto my personal income tax return in Schedule E as I understand. I am principal member of the LLC, and the LLC owns an apartment I am renting to a tenant. My question is does the name of the LLC and its EIN need to be mentioned on my Schedule E or elsewhere in my tax return (like it would be on Schedule C)? If yes, how can I do this in TurboTax? Sorry if this was asked elsewhere in the Community, but I could not find a response about this.
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No, as a disregarded entity, the LLC EIN will not show up on your Schedule E, or elsewhere on your tax return.
Assuming the LLC is a multi-member LLC, the business will issue a K-1 to each member showing their share of income, expenses, losses, and carry overs. When you enter that K-1 on your personal 1040 tax return, anything related to the rental will appear on page 2 of the SCH E.
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