a SMLLC is disregarded for taxx purposes so the rental is entered directly on your 1040 using schedule E unless you provided significant services to short-term renters like with a B&B then use schedule C.
@harink5 , unless you choose to do different, a single member LLC is a dis-regarded entity for tax purposes. Thus you prepare a Schedule-C / Schedule -E to cover the incomes and expenses of the rental properties. The choice is of the forms is based on whether you are a real-estate professional ( i.e. you spend a lot of time and large part of your in come comes from rental ) or you are just an active landlord. Most people even with multiple rental properties still use Schedule-E for tax purposes while the LLC is for legal protection.
Is there more I can do for you ?
The Single Member Limited Liability Company rental would be reported on Schedule E or Schedule C on your tax return since it is a pass-through entity.
This was included in the previous answer, however, in addition, it depends if the rental is short-term, in which case it would need to be reported on Schedule C as a business.
The IRS has determined that short-term rentals, such as Airbnb, are a business and reported on Schedule C, not a rental on Schedule E.
Operators of Short-Term rentals will be subject to self-employment tax (FICA) on the profit.
@harink5 , unless you choose to do different, a single member LLC is a dis-regarded entity for tax purposes. Thus you prepare a Schedule-C / Schedule -E to cover the incomes and expenses of the rental properties. The choice is of the forms is based on whether you are a real-estate professional ( i.e. you spend a lot of time and large part of your in come comes from rental ) or you are just an active landlord. Most people even with multiple rental properties still use Schedule-E for tax purposes while the LLC is for legal
@KrisD15 wrote:it depends if the rental is short-term, in which case it would need to be reported on Schedule C as a business.
The IRS has determined that short-term rentals, such as Airbnb, are a business and reported on Schedule C, not a rental on Schedule E.
Operators of Short-Term rentals will be subject to self-employment tax (FICA) on the profit.
No, short-term does NOT mean Schedule C. Schedule C (and SE tax) is used if "services" (such as maid service or meals) are provided to the tenants. If "services" are not provided to the tenants, it belongs on Schedule E (and not subject to SE tax).