I have title of one of my properties in the name of an LLC. Does anybody know how to go about reporting income and expenses in this situation? What schedule do I use?
your LLC will probably be hat is called a disregarded tax entity and all the loss and gain are report on your tax statement. In other words its a pass-thru for tax purposes.
This assumes you are a single member LLC or its you and a spouse.
your’re right, it’s a single member LLC and disregarded entity for tax purposes. What schedule do I use to report income and expenses?
Your income and expenses are reported on the same schedules and forms that you would have used if the LLC did not exist.
What is the investment property and how is it being used?
It’s a SFH, currently leased out with option to purchase.
My intention when I started last year was to set up a Land Trust for each property with an LLC as a beneficiary. However, I had a lot of problems to do deals that way so I had to “streamline” my approach because I did not want to lose the deals. The very first house did end up in an LLC with no Land Trust though, but it was still a lot of hassle (insurance, financing) so I decided to, at least temporarily, abandon this technique.