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Posted: Sun Jul 05, 2009 9:15 pm Post subject: Husband and Wife LLC

My wife and I (live in AZ) own a rental property through a LLC (under both of our name), can we treat the LLC as single member LLC and file schedule E in Federal tax? Thanks.

smithsussane · Posted: Sun Jul 05, 2009 10:34 pm Post subject:

Hi Guest!

Welcome to forums!

As far as I know, a single member LLC (SMLLC) is a limited liability company which has only one member. If you want the SMLLC to be treated as a corporation, then it would be disregarded for Federal income tax purposes. Thus, all of the income and expenses of a business operated as a SMLLC will be reported on a "Schedule C" attached to your Form 1040. If it's a corporation or partnership, then SMLLC's income and expenses will be aggregated with income and expenses of the corporation and reported on that entity's tax return.

Feel free to ask if you've further queries.

Sussane

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Husband and Wife LLC