Seller Financed Property

I acquired a house from a seller in 2020 with the mortgage staying in place (I took over the seller's mortgage). The house is in my Revocable Trust with my LLC as the beneficiary. I then sold the house on a Contract for deed, meaning the house is still in my company name which is a single member LLC. Does this get reported on a Schedule C, or does it get reported as a rental. I tried doing it as a rental, but it is showing as if it is my name. I also tried doing it on the Schedule C, but the schedule C is only asking for NON-residential properties.

posted

If you are a disregarded nonentity LLC, then sch E is correct. If you are incorporated and recognized as a C or S corp, then you need to file it under that business which will give you a k1 for your return.

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