For years, I have worked as a real estate professional receiving pay from my broker on a 1099-misc.
My wife earns regular wages and receives a W-2 from her employer.
We file jointly using "TT Home & Business".
Last year I formed an LLC,(for real estate acquisitions and rental properties) IRS indicates that for their purposes this is a "Disregarded Entity" (which I assume means the income is treated as personal income) and then purchased a property under the LLC in November 2022. The property was made ready for rent, advertising began and I reported it to IRS as being used as such for the remaining weeks of 2022. However, a few things changed after the new year and rather than continuing to market and putting a tenant into it, I sold it in July, for significantly more than the original purchase price (before calculating allowable acquisition/liquidation expenses).
As previously stated, I use TT Home & Business Edition which allows me to list multiple income streams, it ask me for the EIN number of each source of income paying me as a 1099-misc earner. It has me to enter the EIN for the broker who paid me income, as well as that of anyone else who I received income from as a
1099-misc earner.
Question # 1: Am I to also enter my own EIN number in this section to report the income from the sale of my rental/real estate property?
Although there was never any "rental income", because the property sold for more than the original purchase price, there was a "gain". However, there were acquisition and liquidation expenses, taxes and other allowable deductions which I am allowed to use as offsetting factors when calculating any net gain/loss realized from the sale of the property.
Question # 2: Where will I enter/show those cost and expenses in order to calculate the gain or loss, do I create a separate Schedule C for my LLC or is there another form/schedule where this is to be entered?
Question # 3: What online version of TT for 2023 tax year is comparable to the "Home & Business" version which gets installed as software on my PC? It seems that the PC version does NOT communicate or import data from my "QuickBooks Self-Employed". It's my understanding that only the online versions of TT are capable of importing from QB and I find that to be both irritating and absurd. Absent having the ability for these two to communicate makes keeping TT and QB seems a bit pointless.
