Perhaps I am overthinking this since it is the first time I have filed taxes since we set this legal LLC up.
We started an LLC that we will eventually use as a property management/rental/investment company. Basically, we will buy some homes, renovate them, and rent them.
We started the LLC last year and are just now finishing up our first house. All we had last year were expenses because we were still remodeling the first home.
The LLC is only my wife and myself and we would be filing married filing joint. I do have a day job and have income from that. She has no income as she is a stay at home mother and home maker and has been for 18 years (in other words, nothing major has changed other than starting this other venture).
Since we are married filing joint, can this be treated as a single member disregarded entity - i.e. we file one regular personal tax return with a Schedule-C attached for the business income?
Edit: I should have mentioned we are in VA, so not a community property state. I believe that we can be treated as a disregarded entity. If so, which version of TT should I use for this? Everything else is fairly simple for us.
