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F
Flouncer
Level 2
April 18, 2024
Question

pass thru singlemember llc for California

  • April 18, 2024
  • 1 reply
  • 2 views

rental property for last 2 months of tax year was single member llc.  How to show this? On individual return.

    This topic has been closed for replies.

    1 reply

    sjrcpa
    sjrcpa
    Level 15
    April 18, 2024

    The only pass through single member LLC would be one that has elected to be an S Corporation.

    I don't think that's what you mean.

    And a rental property is not an LLC.

    Is this what you have?

    Rental property owned by individual for 1st 10 months of the year. Then individual transfers ownership to an LLC he set up. He is the only owner and the LLC is disregarded for income tax purposes.

     

    If yes, you show the entire year rental activity on Schedule E like you always did. 

    The more I know the more I don’t know.
      F
      FlouncerAuthor
      Level 2
      April 19, 2024

      LLC is disregarded for Federal purposes but not for State. Filed Form 568 for State(California).  How does this show as pass thru on personal return?

        sjrcpa
        sjrcpa
        Level 15
        April 21, 2024

        Schedule E.

        The 568 is a separate filing from personal income tax.

        The more I know the more I don’t know.
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