Legal Question in Tax Law in California

Schedule used for LLC from TIC income

Last year I exchanged a rental property for a TIC share in a commercial property and I took ownership under an LLC.

This year I received a 1099 under the LLC EIN number .

Should I use a schedule C or E to report the income and expenses?

Thanks


Asked on 3/11/08, 9:34 pm

1 Answer from Attorneys
Nicolai Nielsen Zimmermann Nielsen & Colleagues

Re: Schedule used for LLC from TIC income

For tax purposes, a single member LLC is treated as a sole proprietorship; hence you can report the income on schedule C.

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Answered on 3/12/08, 12:17 am


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