I opened up a sole-proprietorship LLC to manage my rental property in Dec 2024. Do I need to file this income on my personal tax return or a separate business filing?TIA!
I opened up a sole-proprietorship LLC to manage my rental property in Dec 2024. Do I need to file this income on my personal tax return or a separate business filing?TIA!
for tax purposes a single member LLC is disregarded as a separate entity, so the is no business income tax return to filed. include the rentals in your 1040 return. however, Texas is a community property state. the only effect would be if you're married and filing separately.
from IRS
Community property laws generally. Community property laws affect how you figure your income on your federal income tax return if you are married, live in a community property state or country, and file separate returns. If you are married, your tax will usually be less if you file married filing jointly than if you file married filing separately. However, sometimes it can be to your advantage to file separate returns. If you and your spouse file separate returns, you have to determine your community income and your separate income.
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