LLC profits

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  • FredG.
    Junior Member
    • Feb 2019
    • 1
    #1

    LLC profits

    If a person has a single person LLC, is he/she mandated to run profits or losses thru the schedule C on the 1040?
    Tags: None
    • spanel
      Senior Member
      • Oct 2008
      • 845
      #2
      How is the LLC elected to be taxed?

      Sole Proprietor?
      S Corp?
      Partnership?

      Chris

        Comment

        • kathyc2
          Senior Member
          • Feb 2015
          • 1947
          #3
          If the LLC is renting real property it would go on Sch E. If they are in the business of farming it would go on Sch F. Unless these situations, or they filed a 8832, they need to file on C.

            Comment

            • TaxGuyBill
              Senior Member
              • Oct 2013
              • 2321
              #4
              So as pointed out above, it depends on (1) what exactly the LLC is doing to make money, and (2) if the Single Member LLC has made an election to be taxed as a corporation.

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