1099-K issued to EIN filed on Schedule E

Forum|Forum|3 years ago
February 1, 2023
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My EIN was issued a 1099-K for my rental income. I wish to file a schedule E but when choose rental income "Business income reported to you on Form 1099-K, it only allows me to choose myself or my spouse under "This 1099-K is for:". How to select my EIN?

2022 Home & Biz MAC

JamesG1

Has the EIN been issued to an LLC created under your state's laws? If so, is it a sole member LLC or more than one member?

Have you filed IRS form 8832 to affirmatively elect that the LLC be treated as a corporation?

Please clarify.

This IRS website states:

For income tax purposes, an LLC with only one member is treated as an entity disregarded as separate from its owner, unless it files Form 8832 and affirmatively elects to be treated as a corporation.

The LLC is a disregarded entity unless you have filed IRS form 8832 and affirmatively elect to be treated as a corporation.

If the LLC is a disregarded entity, that means that you file the income on your personal Federal 1040 tax return.

[Edited 2/1/2023 | 3:35 pm PST]

@pbmunkey

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Carl11_2

Employee

If the LLC is a disregarded entity, that means that you file the income on Schedule C of your personal Federal 1040 tax return and report the EIN number on Schedule C.

When it comes to long term residential rental real estate, that's backwards. A single member LLC is considered a disregarded entity by the IRS, meaning that income earned by the LLC is considered as having been earned by the owner of that LLC personally. (Because it was).

Typically, rental property does not deal with "earned" income. Only passive income. (There are exceptions, and so far they don't apply to this situation.) Long term residential rental real estate is reported on SCH E with no exceptions that apply so far, in "THIS" thread. More information is needed as requested above. Also, it would help to know what boxes on the 1099-K have numbers in them. Maybe tax was withheld and indicated in box 4 and/or 8?