I own an LLC that owns some property - where do I declare?
Do I declare under self-employment or under rental property?
04720
4 Replies
Anonymous_
Level 15
Sep 11, 2019 2:49:59 PM
@danielabud wrote: Do I declare under self-employment or under rental property?
Is it rental real estate? If so, enter that under Rental Properties and Royalties (Sch E).
danielabud
New Member
Sep 11, 2019 3:04:56 PM
Yes but it's owned by the LLC and the mortgage is under the LLC as well
Anonymous_
Level 15
Sep 11, 2019 3:09:31 PM
It is still entered in the Rental section of the program.
Critter
Level 15
Sep 11, 2019 4:34:01 PM
A single member LLC is a disregarded entity for income taxes so it is simply reported on the personal tax return on the Sch E.... UNLESS the LLC is incorporated.