I am retiring this year and I will no longer be employed as a W2 employee. I will be taking a draw from our rental building only so will not have employment taxes paid. Do I now consider this draw to be self employment income and pay employment taxes? And if so, how do I report it in Turbo tax?
"Our rental building"? Who's "we"? Is there another member of the LLC besides you? Are you or have you been filing a 1065 for the LLC if it's been treated as a partnership...and that's the default for more than one member.
Rental income is usually passive and you don't take a "draw".......you report it on Sch E if you're filing a 1040 or form 8825 if you have a partnership.
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