LLC's & Taxes - Posted by BR


#1

Posted by Kev (NC) on January 14, 1999 at 11:44:43:

Bill,

If all of the LLC income was rental income, wouldn’t there be NO self employment tax anyway regardless of the number of members in the LLC? (portfolio income on sch-K, not ordinary income on page 1 of Form 1065)

Kev


#2

LLC’s & Taxes - Posted by BR

Posted by BR on January 14, 1999 at 09:16:52:

Like many of you people on this board I have several rental properties and feel I need some assett protection. I like the idea of a two (H&W) member LLC with the property titled to a land trust with the LLC being the beneficiare, for assett protection. The problem for me is that I REALLY enjoy filing jointly on a schedule E(no self employment taxes). If I were to form the LLC as described above wouldn’t I have to file on a schedule C and pay self employment taxes? OUCH! Any suggestions…


#3

Re: LLC’s & Taxes - Posted by Bronchick

Posted by Bronchick on January 14, 1999 at 10:16:17:

No, the income from a “disregarded” entity is reported on your federal return as though the entity did not exist. Thus, rental income from a “single” member LLC is reported on schedule E.