If my LLC owns a property and has only short-term rentals, should I enter the property under Federal -> Rental Real Estate (in TurboTax for Business)? If not, where?
If my LLC owns a property and has only short-term rentals, should I enter the property under Federal -> Rental Real Estate (in TurboTax for Business)? If not, where?
It depends. If you LLC is a single member limited liability company (SMLLC), then the steps are correct except it is reported on your regular 1040 instead of a business tax return.
If your LLC is a partnership or an s-corporation then you would report it there and the K1 will transfer to your individual return. In this scenario you would report it as you indicated, Rental Real Estate.
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