ETax847 Posted February 16, 2016 Report Share Posted February 16, 2016 Client and spouse both have full time jobs. They own 2 rental properties that they hold in an LLC. Should these properties be listed on Sch E, or does the fact that they are held in an LLC change things? Note, the clients are not in the business of real estate. Please Advise. Quote Link to comment Share on other sites More sharing options...
jklcpa Posted February 16, 2016 Report Share Posted February 16, 2016 There's another thread on the same topic that was started last week that has the answers. Here's that one: Quote Link to comment Share on other sites More sharing options...
ETax847 Posted February 16, 2016 Author Report Share Posted February 16, 2016 Is there an advantage to doing one way vs the other for the client? Quote Link to comment Share on other sites More sharing options...
Terry D EA Posted February 16, 2016 Report Share Posted February 16, 2016 This LLC would appear to be a partnership, if so, you should use form 1065 and form 8825 to report the rental activities. As Judy pointed out, check out the other thread to see if that will help you. With this said, if the husband and wife LLC is only a single member, it should default to a disregarded entity which a Schedule E would be the form to use. 1 Quote Link to comment Share on other sites More sharing options...
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