rental property LLC 1099INC reporting

Forum|Forum|3 years ago
March 21, 2023
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I have two questions need help

1. I have 2 rental properties within a LLC, I have opened a business checking account for my LLC and the bank has issued a 1099 INT to the interest earned in that checking account . the TIN on the 1099 INT is my LLC's TIN, not my SSN. In this case how do I report this interest income ? as part of my schedule E or schedule C or anything else.
2. I have shared expenses for the above business, e.g. vehicle , laptop, shall I just put them under 1 rental property's expense on schedule E ?

DianeW777

Yes, you can enter the interest income on your Schedule E for the 1099-INT. It is earned on the business income and not your personal income.

You can enter them under one rental activity as one asset each with the correct business use percentage (or 100% if they are used only for rental activity). If you want to show the true rental income for each activity then you would enter them under each activity.

For the laptop as example, you would split the cost and enter only a portion on each rental. If you use the standard mileage rate for the vehicle you will enter only the miles associated with each rental if it is entered for each property.

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