“My question is where do I enter my income from rent on turbo tax, would it fall under rental property or business income section?”---->I assume that your LLC is SMLLC;then,you need to report it on SCh C of 1040 line 1b PART 1 as a sole owner of LLC, you are subject to Self-employment taxes..Both Sch C and Sch E are both tax forms used for reporting rental income. They differentiate in the types of rental income included on each form. Sch C is a form used for reporting income subject to self-employment taxes. Any income earned where self-employment taxes must be paid is included on form Sch C. Income not subject to self-employment tax is included on a Sch E form, such as income earned through a business name.Personal property rental income, like machinery , cabs, or equipment, is Sch C. Income on a Sch C is income earned through operating a business where you include income on your personal tax return. You are subject to SEXA taxes as long as the amoun ton SCh SE lin e4 is $400 or exceeds $400.You need to fie Sch C of 1040as long as the amount on SCh C line 29/31 is $400 or exceeds $400.
“ Also the deductions for repairson the cars are those just listed under the business expenses.”---->I guess so;yu need to report reapirs on Sch C line 21. |