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Updated about 13 years ago on .
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Interest from Tax Liens, LLC and Schedule C
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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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.