Author Topic: How to file US tax return for a rental property in an LLC  (Read 1214 times)

OnlyMeStache

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How to file US tax return for a rental property in an LLC
« on: February 21, 2018, 07:02:43 PM »
Hi.  I'm using Turbotax Premier.  I moved a rental property from my personal investment into a single owner LLC this year.  If I understand it correctly, I should report the rental income and expenses on Schedule C for the business rather than my personal schedule E.  However, schedule C doesn't seem to allow depreciation of residential real estate.  Am I mistaken?  I've seen some things on-line that say to use schedule E, even for the LLC, but with schedule E I don't know how to show that the property is in an LLC and provide my EIN.  What is the correct way to provide the information to the IRS?  Thanks.

SeattleCPA

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Re: How to file US tax return for a rental property in an LLC
« Reply #1 on: February 21, 2018, 07:14:47 PM »
You actually ignore the LLC. The rental goes the same place it always did... Schedule E.

P.S. Here's an article I did for a largely forgotten website what explains:

http://www.llcsexplained.com/llc-faq/what-you-must-know-about-llc-taxation/

OnlyMeStache

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Re: How to file US tax return for a rental property in an LLC
« Reply #2 on: February 21, 2018, 07:19:04 PM »
Thanks, that's easy enough!  Your article is helpful, too. 

Ocelot

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Re: How to file US tax return for a rental property in an LLC
« Reply #3 on: February 25, 2018, 01:16:11 PM »
You actually ignore the LLC. The rental goes the same place it always did... Schedule E.

P.S. Here's an article I did for a largely forgotten website what explains:

http://www.llcsexplained.com/llc-faq/what-you-must-know-about-llc-taxation/

Random browsing took me here, but thanks very much for that link, that was super helpful!