topic LLC owns rental property in Get your taxes done using TurboTax

LLC owns rental property

SaifTax — Wed, 05 Mar 2025 04:18:23 GMT

When reporting rental income and expenses, software asked who owns the property, currently it only shows my name to select it. Although this property is owned by LLC and bought last year.

Should I add LLC in the filing? Or leave it?

Re: LLC owns rental property

Mike9241 — Wed, 05 Mar 2025 04:21:56 GMT

a single member LLC is disregarded for tax purposes - so in effect, you pwn it.

Re: LLC owns rental property

SaifTax — Wed, 05 Mar 2025 04:28:09 GMT

Should there be any mention of LLC in the returns?

Re: LLC owns rental property

JotikaT2 — Thu, 06 Mar 2025 17:01:05 GMT

If this is a single member LLC, then all activity would be reported on your Schedule C as a business since it's considered a disregarded entity. If you file a state return, reporting requirements vary. If the LLC has more than one member, then the LLC has it's own filing requirements. Please see the following link for more details on LLC filing requirements.

LLC Tax Filing Rules