LLC owned by husband and wife with one rental property

kspiero2324 · ‎June 6, 2019

Owned rental property for several years but created LLC in 2017 for it. Rental property is still in our name and not LLC. Do we fill out a Scehdule E like in years past because of rental property or do we switch to a K1 and 1065 because the LLC is owned equally by husband and wife. When I did a search I found some say E and some say K. Confused please help.

Vanessa · ‎June 6, 2019

If you personally own the property and not the LLC then you should be filing a Schedule E to report income and expenses.

If the LLC owns the property then you would get a K-1 and the LLC would report income and expenses.

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View solution in original post

Vanessa · ‎June 6, 2019

If you personally own the property and not the LLC then you should be filing a Schedule E to report income and expenses.

If the LLC owns the property then you would get a K-1 and the LLC would report income and expenses.

**Say "Thanks" by clicking the thumb icon in a post
**Mark the post that answers your question by clicking on "Mark as Best Answer"

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LLC owned by husband and wife with one rental property