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debczygar
New Member

Draw from LLC Rental Building

I am retiring this year and I will no longer be employed as a W2 employee. I will be taking a draw from our rental building only so will not have employment taxes paid.  Do I now consider this draw to be self employment income and pay employment taxes? And if so, how do I report it in Turbo tax? 

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1 Reply
M-MTax
Level 10

Draw from LLC Rental Building

"Our rental building"? Who's "we"? Is there another member of the LLC besides you? Are you or have you been filing a 1065 for the LLC if it's been treated as a partnership...and that's the default for more than one member.

Rental income is usually passive and you don't take a "draw".......you report it on Sch E if you're filing a 1040 or form 8825 if you have a partnership. 

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