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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