I owned two rental properties before I got married and I bought another and was put on title to a fourth one after I got married. Last year I filed my taxes individually so no big deal. This year I formed an LLC, but not sure how the IRS will know which property is part of this or not. At this point everything is joint on the taxes, but not sure if there is anything I have to do with Schedule E-- put the ones in the LLC that I had and put the two new properties in a different LLC?
LLCs file form 1065 and give members a K-1. If the LLC is a disregarded entity, then it goes on the Schedule E.
have you actually deeded any properties or transferred title to any properties, or just formed an LLC and think you’re done? How many members does the LLC have? Did you file anything with IRS at the time you formed the entity to tell IRS how you want to be taxed? Did you keep copies? Are you in a community property state? did you have a prenup?
A) you find out who really owns what properties.
2) you find out how you have chosen to tax the LLC.
d) proceed accordingly.
The default is partnership (1065) taxation, but I’ve seen attys get people to “just sign stuff” and no one knows what’s really been done.