Home and Business - Property Rental

bhindorff

I recently started setting up Home & Business Quicken. We have a couple rental properties and was pleased to see reporting for tax purposes. It appears the tax reporting is for a sole proprietor. How do you do setup for an LLC company?

NotACPA

Does the LLC report it's taxes on YOUR tax return (Schedule C), or on it's own tax return?

IF Sched C, just add the income and expense categories that you anticipate using and assign EACH of them to a Sched C tax line.

IF it's own return, then the setup for the LLC should be in it's own Q data file, again using Sched C categories and tax lines.

NotACPA

Does the LLC report it's taxes on YOUR tax return (Schedule C), or on it's own tax return?

IF Sched C, just add the income and expense categories that you anticipate using and assign EACH of them to a Sched C tax line.

IF it's own return, then the setup for the LLC should be in it's own Q data file, again using Sched C categories and tax lines.