I purchased a house in a different state last year that was already operating as a vacation rental. I retained the manager, but created a LLC. Where do I put the income?

The LLC was created for liability purposes, and the income was deposited (once set up) to a business account.

965

Level 15

Oct 15, 2021 3:34:42 AM

For income tax purposes, a single member LLC is a disregarded entity. You report the income on your personal tax return as normal income. For rental income, this means the income and expenses are reported on Schedule E.

In TurboTax (TT), enter at:
- Federal Taxes tab (Personal in Home & Business)

- Wages & Income

Scroll down to:

-Rentals & Royalties

Level 15

Oct 15, 2021 7:06:44 AM

Nothing concerning the rental is reported on SCH C. So if the rental property is the only thing your LLC has that produces income, you have nothing to report on SCH C. All rental income/expenses will be reported on SCH E.

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I purchased a house in a different state last year that was already operating as a vacation rental. I retained the manager, but created a LLC. Where do I put the income?