My husband and I acquired 3 small commercial properties via 1031 exchanges.
The relinquished properties (residential) were originally purchased in the name of a simple revocable H+W trust. H+W are the only 2 trustees of this Trust. 3 small properties acquired in total.
The 1031 exchange company had asked to us to make sure we purchased the new properties in the name of a Single Member LLC and that the Trust was the only member of these LLCs. The only trustees of the trust are my husband and I.
3 properties so we formed 3 LLCs.Question
************ Which form do I use to report the rental income of these properties in my federal income tax return? In Sch E? In Form 1041? Some other form?I would like to keep it as simple as possible.