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jgordosea
jgordosea, Enrolled Agent
Category: Tax
Satisfied Customers: 3161
Experience:  I've prepared all types of taxes since 1987.
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I have 1 rental property. How do I file my Rental Income If

Resolved Question:

I have 1 rental property. How do I file my Rental Income If . . . the house is Titled to my LLC (Rent is also paid directly to the LLC), but the bank loan is in my name?
Submitted: 8 years ago.
Category: Tax
Expert:  Merlo replied 8 years ago.
Hello pmerry,

Are you a single member LLC?
Customer: replied 8 years ago.
I formed it with my wife, so we are a partnership. The property was officially titled to the LLC on 12/20/07, so never received income in 07. This tax year is the first year I am dealing with income.
Expert:  jgordosea replied 8 years ago.

Greetings,

 

As a multimember LLC you are taxed as a partnership (unless you elect to be taxed as a corporation). So, the LLC should file 2008 Form 1065

 

You may want to consider the assistance of a professional preparer to assure the assets and partner contributions are correctly made for this first year return.

 

The net of the income and expenses of the LLC will pass through to your individual return from 2008 Form 1065 (Schedule K-1)

 

I hope this helps for reporting the LLC 2008 income.

 

Best wishes for a prosperous new year.

jgordosea, Enrolled Agent
Category: Tax
Satisfied Customers: 3161
Experience: I've prepared all types of taxes since 1987.
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