Quick one to CPA

rooftop18403

Joined: Jun 15, 2017

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Our LLC had only 1 transaction in 2022, a SFR sold for profit. Can my wife and recognize this transaction on our Married filling Jointly account

gigemhilo

Joined: Dec 11, 2006

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11:40a, 1/25/23

AG

Questions:

1. was the SFR your home or a rental?
2. is this a single member LLC? if not, have you filed a return in prior years?

rooftop18403

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12:32p, 1/25/23

It was a home under a single member LLC, Year 1 of LLC

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combat wombat™

Joined: Oct 26, 1999

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In reply to rooftop18403 • 12:36p, 1/25/23

AG

Single member LLC is a disregarded entity for federal taxes. You would generally include the LLC income on Sch C of your income tax return. A capital gain will be reported on schedule D.

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rooftop18403

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12:55p, 1/25/23

Understood. Thanks so much!

gigemhilo

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5:44p, 1/25/23

AG

the Wombat has spoken!