I have a client who formed a single member LLC. Principal services are commercial real estate renting and has filed form 2553 election for S corp. Must I file form 1120 S or can I file a schedule E as if a sole proprietor?
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1120s
Since a form 2553 was used to apply for subchapter S status, the government will be expecting form 1120S. However, form 2553 is only an application, hence if for some reason the government rejects it, then it's a whole new ball game. -
What form to file. 1 member LLC
Why not have him void the S Corp if he hasn't filed a return under it. Then you have to determine whether you have to file a Sch C for the expenses of doing business (because he is an LLC) and link each the Sch E to the Sch C. taxeaBelieve nothing you have not personally researched and verified.Comment
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It is surely possible that I am misundrestanding your reply and please do correct me if I'm wrong.
If you can void the S corp status and the LLC is set up for rental property you can file the Schedule E without a schedule C being necessay.Comment
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