I just set up an LLC for a rental property this year. When filling out taxes, do I do taxes for the business (LLC) and personal taxes separate, or are they lumped together? Are there additional separate taxes that are required for an LLC?
Hi Bootaxes,
For purposes of taxes, the IRS treats a single-member LLC as a "disregarded entity" in most situations. This means that you will report the rental information on your personal tax return under the Rental Income section.
The following link describes single-member LLC situations and how the IRS treats each situation:
https://www.irs.gov/businesses/small-businesses-self-employed/single-member-limited-liability-companies
What if it is a multi member llc? I set it up (50/50 ownership) with my husband.
The following IRS link describes when a LLC with spouses is treated as a "disregarded entity" and when it is not.
Thank you
