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subram17
New Member

Single Member LLC owned by Joint Revocable Living Trust

Our rental property is in a single member LLC owned by our joint revocable living trust. Couple of questions:

 

1. Turbo Tax H&B only gives an option of LLC owned by either one or both of us. Which option should I select? 

2. Can we still continue to avail pass through taxation of a single member LLC and report the rental income on Schedule E?

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1 Reply
M-MTax
Level 10

Single Member LLC owned by Joint Revocable Living Trust

Both of you because the trust is joint and it's disregarded because it's revocable. AND the LLC is also disregarded because it's a single-member LLC.

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