Where do I claim 1099 INT paid to rental LLC EIN?

Forum|Forum|2 years ago
February 14, 2024
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I have a rental within a LLC in which I use the Schedule E to claim the profits and expenses.

I opened a savings account for this rental last year in order to save for eventually replacing the roof and other repairs.

I just received a 1099-INT but under the company's EIN instead of my personal SSN.

Do I simply list this interest on Schedule B under Part 1, Interest, or does this go somewhere on the Schedule E? I could type out the EIN it is associated with on the payer's name line.

I've heard some claim a Schedule C but this isn't a sole proprietorship subject to the double taxation of the self employment tax. Please advise.

TurboTax Home & Biz Windows

Best answer by DianeW777

Yes, you can enter this interest on your own Schedule B regardless of the EIN printed on the 1099-INT. Whether you enter it as interest income or add it as other income on the Schedule E, there is no special treatment for this so the tax will be the same.

To your point about Schedule C, the interest does not have to be added to that schedule, and can also be added under interest income to eliminate self employment tax.

DianeW777Answer

To your point about Schedule C, the interest does not have to be added to that schedule, and can also be added under interest income to eliminate self employment tax.

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mgc6288Author

Thank you for this prompt response! So that I completely understand and am assured the IRS will recognize that I am claiming all my interest income listed under my SSN as well as my LLC's EIN, on the Schedule B I would list like this:

Bank Name (XX, LLC, EIN: xx-xxxxxxx)

Even if suggested this isn't necessary, would it hurt anything to have it documented on the Schedule B?

ThomasM125

I think you mean you are going to list the LLC ID number along with the name of the bank on your schedule B. That won't do any harm but it is unlikely the IRS will make note of it.

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