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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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... -
Air BnB 1099-K
Where do I enter the 1099-K income from Air BnB on a Schedule E. Also, should I select property type as a vacation/Short-Term type property if my client owns the condo as his primary residence, but rents it out roughly 30 days a year on Air BnB. Any suggestions/help is greatly appreciated!
Thanks