would the LLC be a disregarded entity for tax purposes? would this be considered a multi-member LLC or a single member LLC?
A single member LLC can not, under any circumstances and with no exceptions, have more than one owner.
A multi-member LLC can not, under an circumstances and with no exceptions, have less than two members.
If this property is "IN FACT" owned by the trust and that trust is the named owner on the deed, then the trust will report the rental income/expenses on SCH E as a physical part of the 1041 trust return. Then depending on the type of trust and how that trust is set up (there are hundreds of possibilites in FL) the trust will issue the benificiary of the trust a K-1. Then the recipient of that K-1 will report the K-1 on their personal 1040 tax return.
On the 1041 trust return all rental stuff will be reported on page 1 of the SCH E.
On the 1040 personal return of the person that receives the K-1 issued by the trust (if applicable to your specific and explicit situation) the K-1 information will appear on page 2 of the SCH E that is a part of the recipients personal 1040 tax return.
I would "HIGHLY" suggest you seek professional help on this, if this is the first year the trust is dealing with rental income. Even the tiniest of mistakes will grow exponentially as the years pass. Then when you catch the error (if the IRS doesn't catch it first) the cost of fixing it *WILL* *BE* *$EXPENSIVE$*
Remember, errors on the trust return that results in fines and penalties are the responsibility and liability of the legally appointed/recognized administrator of the trust. So while the trust will pay any back taxes due, it is the legal administrator of the trust that pays all fines and penalties out of their own pocket, and those fines and penalties are not deductible on any tax return, ever. THose fines and penalties make the cost of professional help seem like a pittance in comparison.
ALso, depending on the type of trust, while FL does not tax personal income, you "may" be required to file a trust return with the state for the primary purpose of maintaining the "active" status of that trust with the state. SO while taxes may (or may not) be assessed by the state, penalties "are" assessed for an incorrect filing.
Do note also that TTX Business can not be used to file a trust return with the state. Since FL does not tax personal income, there is no FL state module included with or available for the TTX Business program.
I'm not sure if there's a module included for FL for the yearly filing though. I would expect not, since no taxes would be assessed anyway. But if there is a module, it probably only includes the DR-405 for reporting the tangibles property tax assessed by the local county. That would come into play if the trust owned a business registered and operating in FL, and if that business actually had income producing assets other than real estate.
While "technically" rental real estate is a business, if not claiming any other assets such as furniture or appliances, then no tangible property tax would be assessed anyway.
