I have an LLC that owns my rental property. I know as rental income is passive I report this on Schedule E. Do I have to report my LLC on Federal at all? I can't use Schedule C and I don't see any other way to show Federal my LLC's business is my one rental property. Do I just add the LLC name under the "description" section for Schedule E's property?
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"I know as rental income is passive I report this on Schedule E."
Or, you are in fact "in the business."
"I can't use Schedule C"
Or, you should be using it.
Only you can qualify what your activities mean under the IRS regulations.
Google:
rental property schedule e or c
Thanks for the information. I will not use first person to discuss a client return moving forward. I thought it was a good perspective but appears to have caused you confusion where my question should be placed. I am a tax preparer so my question does belong here. Thank you.
Yes Google was used, that is how Schedule E was determined for a passive income. Daily services are not provided on the property otherwise Schedule C would be required. Thanks.
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