I am seeing this more frequently and am wondering if I am doing things correctly.
Each LLC has its own EIN and each taxpayer has their own SSN as their Tax ID. This makes a bit of sense on Schedule C where there is a Taxpayer ID and also a place for an EIN. I have always assumed that this was a way for the IRS to tie the EIN with the taxpayer...
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Completing Schedule E for SMLLC as a disregarded entity
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Rental property 1/2 owned by non resident alien
Good Afternoon,
I have a couple who sold a rental property they have owned for 21 months, I believe they need to withhold 20% of the sale price! I did however think after 18 months this no longer applied. I can not find any good answers on this. I am hoping some of the fine tax prepares would some good advice on this.
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When does a rental property become a schedule C
My client is an artist and has had a schedule C for many years. The last few years it's been a loss. A few years ago he began renting large warehouses and fixing them up for spaces for artists to rent. This has really worked for him. When does a rental business become a schedule C. The difference here is he is renting and renting to others. His... -
TPRs, Real-World Small Potatoes Situation, Rental Property
Simple situation on the surface. Yet it makes it clear that I have know idea how to handle even the simplest situation. Maybe if we do a few of these, we can reach consensus on how to treat the common stuff we're going to deal with. Here goes:
Client has one rental property (single family house, $70k basis, $50k allocated to the building... -
Self-Rental of Home Office for MMLLC
A husband-wife multi-member LLC taxed as a partnership has an operating agreement that requires each member to maintain a home office. Presently, the members claim the expense of these home offices as UPE on their joint return (1040). The husband (who owns their current home solely in his name) wondered about the value of renting a portion of their...