Schedule C or E?? - Posted by pete

import · February 25, 2004, 4:45pm

Posted by pete on February 28, 2004 at 11:00:52:

Thank you very much, Tom.

import · February 25, 2004, 4:45pm

Posted by pete on February 25, 2004 at 17:45:25:

I own a handful of Single Family Rentals. I’ve operated as a sole prop and recently set up a SMLLC (disregarded entity), and got an EIN #. My intention is to transfer home ownership out of my name and into the LLC.

question: As an LLC owning rentals, will I still continue to file schedule E? need to file schedule C? both?

question: will EIN go on schedule E, schedule C, with social # on 1040? thanks

import · February 26, 2004, 2:23pm

Re: Schedule C or E?? - Posted by Tom Bazley, CPA

Posted by Tom Bazley, CPA on February 26, 2004 at 15:23:58:

You will continue to report the rental activity on Schedule E.

import · February 28, 2004, 6:59am

Re: Schedule C or E?? - Posted by pete

Posted by pete on February 28, 2004 at 07:59:01:

Tom,

So I understand, since the IRS will disregard the entity for income tax purposes, just continue to file sched E and I do not need to do a sched C? Also, I would assume my EIN# would go on sched E and my wife and my soc security #'s would remain on the 1040? Thanks so much for your help, Tom.

Pete

import · February 28, 2004, 8:21am

Re: Schedule C or E?? - Posted by Tom Bazley, CPA

Posted by Tom Bazley, CPA on February 28, 2004 at 09:21:22:

Actually, there is no place on Schedule E to report an EIN. You will continue to report your rental activity on Schedule E. Just use your SSN as before. No Schedule C will need to be prepared. You will continue to put your & your wife’s SSN on Page 1 of the 1040.