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gobedoer
New Member

Should I file my rental income under personal or under my EIN LLC?

Should I file my rental income as personal or business?
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1 Reply
rjs
Level 15
Level 15

Should I file my rental income under personal or under my EIN LLC?

You should enter your rental income under "Rental Properties and Royalties (Sch E)." Exactly where you find that depends on which specific version of TurboTax you are using. The income will be reported on Schedule E.


If your LLC is a single-member LLC it is disregarded for income tax purposes unless the LLC has elected to be treated as an S corp or C corp. If the LLC is disregarded you report your income as if the LLC doesn't exist. But if it's a multi-member LLC or a single-member LLC that has elected to be treated as an S corp or C corp, then the LLC has to file its own tax return, separate from your personal tax return. Where you report the rental income would then depend on who owns the rental property - you or the LLC.

 

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