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Updated almost 13 years ago on . Most recent reply

George P.'s profile image
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George P.
  • Real Estate Investor
  • from Baltimore, Maryland
  • Member since Jul 25, 2008
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George P.'s profile image
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George P.
  • Real Estate Investor
  • from Baltimore, Maryland
  • Member since Jul 25, 2008
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George P.
  • Real Estate Investor
  • Baltimore, MD
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Tax, SDIRAs & Cost Segregation

Interest from Tax Liens, LLC and Schedule C

George P.
  • Real Estate Investor
  • Baltimore, MD
Posted

When buying tax liens in the name of an LLC, do I have to fill Schedule C (profit and loss) for tax lien interest (1099INT) or can I show it on my personal return? I don't have any income in the LLC name otherwise.

Thank you in advance!

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Bill Walston's profile image
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Bill Walston
  • Real Estate Investor
  • from Northeast TN, Tennessee
  • Member since Jan 30, 2008
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Bill Walston
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  • from Northeast TN, Tennessee
  • Member since Jan 30, 2008
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Bill Walston
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  • Northeast TN, TN
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Bill Walston
  • Real Estate Investor
  • Northeast TN, TN
Replied

George, I take it that your LLC is single-member and has NOT made a corporate election, right? If so, then you have a disregarded entity and the income will be reported on your personal return. Interest would be reported on line 8a of your Federal 1040.

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