I own a rental property under my business name(an LLC) and receive rental income. Can I report this rental income under business income (Sch. C) or should I report rental income separately under Sch. E (Supplemental income/loss)?
2007-12-15 05:15:18 · 2 answers · asked by Phil 3 in Business & Finance ➔ Taxes ➔ United States
For Federal tax purposes, an LLC is a disregarded entity. All income is reported on your individual tax return as if the LLC did not exist. Therefore rental income goes on Schedule E.
Your state probably treats LLCs differently. You'll have to consult with your state tax authorities or a local tax expert for the state treatment.
2007-12-15 06:38:53 · answer #1 · answered by Bostonian In MO 7 · 0⤊ 0⤋
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2016-12-11 05:38:35 · answer #2 · answered by Anonymous · 0⤊ 0⤋