California Rental home in LLC with 3 owners

California Rental home in LLC with 3 owners

Member since 2021 · 2 posts · 0 votes

We have been renting this property and filing partnership 1065 form.  I am going to move in as a second home, and we won't be renting anymore.  Should we keep filing returns?  I will be paying the other owners rent for my use of the house, and we will all share in expenses. 

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  • Investor · Marin County California · Member since 2018 · 1k+ posts · 2k+ votes
    5y

    From the LLC's perspective, nothing has changed. The LLC continues to receive rent that needs to be accounted for.

  • Member since 2021 · 2 posts · 0 votes
    5y

    Thanks!

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