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joe4help

rental property tax return

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can I file a separate tax return on my one rental property along from my personal tax return? Lived in Illinois.

 

Who owns the rental property? If you own it in your name, then all the activity of the rental property must go on your income tax return. For the federal return, that means you'd file Form 1040 along with Schedule E and potentially other forms and schedules, too. 

 

If the property is owned by some separate entity like a LLC, LLP, corporation, etc., then how the income is reported depends on exactly what type of entity it is, how many owners it has, and what elections it has made with the IRS. 

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