NJ
Multiple websites contradict themselves with respect to whether members of one-member LLCs and multiple-member LLCs should report their income or losses from an LLC on Schedule C or on Schedule E.
Should a sole member of a one-member LLC report income and losses on Schedule C or E?
Should a member of a multiple-member LLC report income and losses on Schedule C or E?
Multiple websites contradict themselves with respect to whether members of one-member LLCs and multiple-member LLCs should report their income or losses from an LLC on Schedule C or on Schedule E.
- According to https://www.nolo.com/legal-encyclopedia/how-llcs-are-taxed-29675.html, the owner of a one-member LLC must report all profits (or losses) of the LLC on Schedule C and the members of a multi-member LLC report their share of profits on Schedule E.
- According to https://info.legalzoom.com/report-income-llc-member-3488.html, members of an LLC must report business income on Schedule C and passive income on Schedule E.
- According to https://www.e-file.com/help/schedule-e.php, the sole member of a one-member LLC should report income on Schedule E.
Should a sole member of a one-member LLC report income and losses on Schedule C or E?
Should a member of a multiple-member LLC report income and losses on Schedule C or E?