Multi-Member LLC (i and others) rent my husband 's house to run business.

Forum|Forum|3 years ago
April 11, 2023
1 reply
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My husband and my friend (called F) bought an investment property together.

My friend (F) and I LLC rents that property to run LLC business.

How would my husband &I, my friend, and LLC report tax?

Thank you very much

Anh J.

PatriciaV

Employee

A multi-member LLC files Form 1065 (Partnership), which can be prepared using TurboTax Business. The rental payments would be a business expense to the LLC, and rental income to the owner(s) of the property.

Note that you cannot pay rent to yourself if you own the property and use it for your own business. If the property owner also uses the property for business, the property is depreciated and any related expenses are claimed as business expenses.

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