Tax, SDIRAs & Cost Segregation
Market News & Data
General Info
Real Estate Strategies
Short-Term & Vacation Rental Discussions
presented by
Landlording & Rental Properties
Real Estate Professionals
Financial, Tax, & Legal
Tax, SDIRAs & Cost Segregation
presented by
1031 Exchanges
presented by
Real Estate Classifieds
Reviews & Feedback
Updated about 9 years ago on . Most recent reply
LLC Filing
I formed an LLC in October 2015 & this is my first time filing. I have not yet transferred my rental properties under my LLC. Below are my questions:
- Me & my wife are members of the LLC. I assume that this means it is a multi-member LLC. Can anyone please confirm?
- Should I report the income & expense under the LLC or under my personal returns as the properties are still in my name.
Dinesh.
Most Popular Reply
@Dinesh T. Based on what you've written here, it sounds like you've created a multi-member LLC. That should have been pretty clear at filing. Are you wishing you hadn't set it up as a multi-member?
The LLC is a business and it's important to treat it like a business (it's own checking account for starters). What LLC business activity occurred in 2015? From what you've shared, it sounds like no business was conducted. Did the LLC have any rents received in 2015?