Multi member LLC to Sole Owner
My friend, me and my wife started multi member california LLC in 2012. My wife doesn’t do active work after 2014. This LLC is for a rental condo. We sold that condo in 2016 and my friend doesn’t want to continue from 2017 as he doesn’t own any share. So, I filed california LLC statement for me and my wife in 2017. We just have one rental condo which generated income in 2017. Should we file schedule C or schedule E? We did not file any form 8832 with IRS. Thanks in advance.
Hi Vas, based on the information I have read you should be able to file Schedule E. However, I recommend that you contact a tax professional who can look at your situation and give you the best advice. Unfortunately I am not able to give you tax advice.
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