LLC Question

Sonrise
Sonrise Member Posts: 1 Newcomer
in General

Should we keep our rental home in our name or transfer the title to our LLC for tax purposes? We area a husband & wife partnership. My husband works full time and I do not. We file our taxes jointly and are on the title jointly.

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Answers

  • MatthewD
    MatthewD FreeTaxUSA Admin, FreeTaxUSA Agent Posts: 1,036 image
    Hi,

    You may want to get opinions from a tax planner. There are some benefits to being a partnership, but it will mean preparing a Form 1065 partnership return. A rental can be reported as being owned by both of you on a Schedule E.

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