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leetee1960
New Member

I have rental properties held in a single-member LLC. Am I supposed to report under a separate Schedule C or use the "Rental Properties and Royalties" component?

Under Business Income and Expenses, it doesn't let me add my properties as Business Assets. But if I start to work in the Rental Properties and Royalties section, it presumes that the property belongs to me instead of my LLC.
4 Replies
ChelsiE2
New Member

I have rental properties held in a single-member LLC. Am I supposed to report under a separate Schedule C or use the "Rental Properties and Royalties" component?

You should input this information under the Rental Properties and Royalties section.  Make sure you delete the input under the Business Income/Expense section so that you're not taxed twice on this income.

Under Property Description you can write the name of your LLC that holds the property.

wajake41
Level 1

I have rental properties held in a single-member LLC. Am I supposed to report under a separate Schedule C or use the "Rental Properties and Royalties" component?

If my LLC owns multiple properties, do I add them as depreciable assets within my LLC on schedule E?r
Baboozled
New Member

I have rental properties held in a single-member LLC. Am I supposed to report under a separate Schedule C or use the "Rental Properties and Royalties" component?

Same question. Doing multiple properties makes knowing where the common expenses go difficult.
grinman254
New Member

I have rental properties held in a single-member LLC. Am I supposed to report under a separate Schedule C or use the "Rental Properties and Royalties" component?

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