The only pass through single member LLC would be one that has elected to be an S Corporation.
I don't think that's what you mean.
And a rental property is not an LLC.
Is this what you have?
R...
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The only pass through single member LLC would be one that has elected to be an S Corporation.
I don't think that's what you mean.
And a rental property is not an LLC.
Is this what you have?
Rental property owned by individual for 1st 10 months of the year. Then individual transfers ownership to an LLC he set up. He is the only owner and the LLC is disregarded for income tax purposes.
If yes, you show the entire year rental activity on Schedule E like you always did.
"It is an installment loan so income is received each year"
I know that, but the ordinary income part of the sale was fully taxable in the year of sale.
"My understanding is that in order to take the FEIE you must report and pay taxes to the foreign country where you reside"
Only applies if you a bona fide resident of a country with an income tax,
"What am I missing?"
The physical presence test. Living & working in a foreign country or countries for 330 days out of a 365 day period.
Snark - right there on the form and in the instructions. ...
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"What am I missing?"
The physical presence test. Living & working in a foreign country or countries for 330 days out of a 365 day period.
Snark - right there on the form and in the instructions. Only ask once
https://accountants.intuit.com/community/tax-talk/discussion/missionaries-working-abroad-feie/00/299459
If the single member LLC is disregarded for tax purposes, you disregard it. Enter the K-1 and 1099-DIV as you would if it was in the name of your individual client. These do not go on Schedule C.