Wife Rental Condo

My wife owns a condo in her name and we are planning to rent it. Should I charge my wife for managing the property if I own single-person LLC?

posted

I assume you two file as married filing joint. If you do, then it makes no sense. Also be aware that long term residential rental income is reported on SCH E. It doesn't matter if a single member LLC "owns" the property or not.

Also, if you live in a community property state, the fact only one spouse is the named owner, generally doesn't matter when it comes to reporting the income/expenses.