How to enter SMLLC rental property using turbotax premium

[Mike9241]

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. 

[pk]

@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 ?

[KrisD15]

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 

[pk]

@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

[AmeliesUncle]

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@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. 

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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).