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Updated about 6 years ago,
Filing taxes, single member llc, personally owned rental
Hi all,
Here is my situation:
1) Married, filing jointly, living in Texas
2) We, married couple, owns the rental property in our personal name (also in Texas)
3) We route all rent income and other craft related income received for small business thru an LLC. We also have a separate business checking account used for income/expenses.
Do i file a Schedule E for the rent property but also a Schedule C for the LLC? Or how does that work? Should the rent income be on the Schedule E and maybe other income on the Schedule C from the small business?
Thanks!