How should interest income be reported for a single member LLC that is taxed as a disregarded entity. Is the reporting the same as if the owner of the smllc earned interest in a savings account for personal purposes?

ANSWER

Expert Mark Anderson's Answer:

The interest should be reported on Schedule C.

Mark Anderson, JD

Montana

21 yrs experience

Currently /5 Stars.
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110 Ans.

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Business Tax

Reporting Income

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How should interest income be reported for a single member LLC that is taxed as a disregarded entity. Is the reporting the same as if the owner of the smllc earned interest in a savings account for personal purposes?

Mark Anderson, JD

Accounting

Business Tax

Personal Tax

Business Finance

Personal Finance