I own a residential rental property and it functions under DBA. I converted it from DBA to LLC in July 2023. How do I report this on my 2023 tax return?

Should all income and expenses be reported under the new LLC? Or should it be divided in half - first half of the year as DBA and rental royalties under 1040 form? And then the second half of the year as LLC under the business section?

7737

Level 15

Apr 13, 2024 11:01:40 PM

was the rental 100% owned by you before and after putting it into your LLC, then there is no change in reporting use the same schedule E as before. From a tax standpoint putting property you owned 100% into an LLC of which you are the only member alters nothing. The LLC is disregarded.

Why sign in to the Community?

I own a residential rental property and it functions under DBA. I converted it from DBA to LLC in July 2023. How do I report this on my 2023 tax return?