I have been doing our regular taxes on TurboTax, but for 2024 will also have 2 LLC's, one a rental property (single property) and the other a consulting business (just me consulting, no employees). Do I include this in the one tax return or need to do a separate tax return for each business?
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Hello SimonK,
If you have not elected LLC to be treated as Corporation, you will report everything on one return, your personal return. IRS disregards single member LLC and all goes on 1040. You will report rental income on Schedule E and consulting income on Schedule C. You can add the LLC name on your schedule C.
If you have elected LLC to be treated as Corporation, you will file a separate return from your personal return and will get a k1 from corp. (If it is a S-Corp.) that you will report on your personal return.
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Thank you - this is helpful. A further question. Do I report for each LLC the income and expenses on separate lines, or only the net income / loss (after expenses)? Thanks.
Each will go on separate schedules. TurboTax has two different section. One section is called "Rental & Royalties", this is where you will report income and expenses related to rental. Other section is called "Self Employment Income", this is where you will report income and expenses for consulting work.
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