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Level 2
February 1, 2019
Question

one member llc

  • February 1, 2019
  • 1 reply
  • 1 view

Mr " X" formed one member LLC. The nature of business is Real Estate. The LLC buys, sells and rents houses. Currently it has 5 houses and all of them are rented. So the LLC has $30000 from rent. where to report his LLC income ?

    1 reply

    Level 15
    June 11, 2019

    This is dis-regarded  entity for tax purposes --- you file a schedule -E covering all the rental properties and schedule-D for buying and selling realestate.  

    Is this what you meant ?