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re: CPA Question - EDIT - Can I retroactively fill out a 1099-Misc for IC work?
Posted on 3/26/15 at 2:14 pm to LSUFanHouston
Posted on 3/26/15 at 2:14 pm to LSUFanHouston
Follow up question: If the rental property is owned by an LLC, would this constitute a trade or business?
1
Posted on 3/26/15 at 2:49 pm to tigerrocket
It's not a clear answer. I take the position that if you are a passive landlord, then you are not in a trade or business. Putting the property into an LLC is simply a legal liability concern.
If you have multiple properties that you manage for profit, then you may rise to the level of a trade or business.
If you have multiple properties that you manage for profit, then you may rise to the level of a trade or business.
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