How can I confirm if my entity is a disregarded entity?

How can I confirm if my entity is a disregarded entity?

  1. We had a residential rental property held in the name of our revocable H+W trust and planned to do a reverse 1031 exch. The 1031 Exch company created a single member disregarded LLC in 2016 to do the reverse exch and held the title to the tiny comm property we bought in July 2016. My relinquished property was taking a while to sell and did not sell till Jan 2017.

In the meantime we were receiving rent from the comm property in the name of my husband's name till end of Dec 2016. (Even though the rent was in my husband's name the checks were deposited in our Trust Bank account). So for our 2016 personal federal taxes (H+W) we entered the rental income on Sch E.

Questions:

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--- Did we do the right thing for 1031 purposes?

--- At this point were we considered a disregarded entity? or is this an irrelevant question?

  1. Going forward, for 2017 income, we have been receiving rent in the LLC's name. We transferred the LLC from the 1031 exch company to our Trust name by way of assigning Title. In the FL State form "articles of amendment to articles of organization" we entered ..........my name + my husband's name ...."as trustees of the H+W Trust".

Questions:

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--- Does this mean the LLC is a single member entity even though we mentioned 2 names as trustees?

--- Are we still considered a disregarded entity?

----For 2017 how should we show the rental income for taxes? on Sch E or Sch C or some other Schedule or as an LLC What is the best approach?

Apologies if the above sounds complicated.

Please advise.

Thank you for your help.

Reply to
Jessie
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