Joey B Posted February 28, 2008 Report Posted February 28, 2008 My client has set up a single owner LLC that manages/rents two rental homes. As a Single LLC he can record his income/loss on a Schedule C. He also has a full time job not related to real estate transactions, this is just a company he set up. Do I record the transactions on Schedule C, not Schedule E? Do I use Schedule E? and as a LLC is there the limitations on loss that can be put on the current tax return (as there is with Sch E)? Or as a Sch C can a full loss be claimed in the year? Any help or guidance is appreciated ! Joe B Quote
OldJack Posted February 28, 2008 Report Posted February 28, 2008 Single member LLC is disregarded so you would report real estate rental activity on 1040 Sch-E, page 1. Schedule E losses may be limited. Quote
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