Updated about 4 years ago on . Most recent reply
Newbie tax question
Last year (2020), was the first year I had rental income on my taxes. I own one rental property in my own name(it is my former residence). This year (2021), I created an LLC with the purpose acquiring more rental properties. My question is: Am I able to count the rent that I collected since the business was formed (Oct 2021) as business income for the 2021 tax year? Does it matter that the property title is in my personal name? I know the answer is going to be ask my CPA and I plan to but I was hoping someone here might know.