RV Rental

Forum|Forum|4 years ago
January 26, 2022
1 reply
18 views

I bought a RV last year and because of hardships I have to rent it out. It was registered under my personal when I purchased it. But formed a LLC to conduct business for tax and asset protection. The LLC is disregarded to a C corp. So When I rent out the RV and accept payments through the LLC. How does that show up for me personally since it is registered under my personal. How does that flow work?

MinhT1

Level 15

If your LLC is a single member LLC (or a husband-wife LLC in a community property state), it is a disregarded entity for tax purposes.

In this case, you report the income and expenses of the LLC on a Schedule C in your personal tax return.

If your LLC is not a disregarded entity, you have to prepare a LLC return (form 1065). You cannot use TurboTax online to prepare form 1065, but have to use TurboTax Business which is only available as a CD/Download on a Windows computer (not compatible with Mac).

You can purchase TurboTax Business from this link:

https://turbotax.intuit.com/small-business-taxes/

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