Selling a property held in an LLC and tax id #

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FOGU
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Selling a property held in an LLC and tax id #

Post by FOGU »

I am selling a property held in an LLC of which I am sole member. This is the only asset owned by the LLC.
Should I just use my own social security number on the transaction papers? The title company will issue a 1099.
Should I use my Employer Identification Number? Frankly I can't remember why I got an EIN, but I have one. The EIN is registered to me only, and not linked to the LLC with the IRS or anyone else.

Thank you.
keith6014
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Re: Selling a property held in an LLC and tax id #

Post by keith6014 »

what did you decide to do? I am in a similar situation.
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vitaflo
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Re: Selling a property held in an LLC and tax id #

Post by vitaflo »

In the end it doesn't particularly matter since the LLC is a passthrough anyway, but if I'm expecting a 1099 I always give my EIN since I have one. And on my Sched C I always put in both my EIN and SSN. I've never had a problem doing it this way for over a decade.
Contador314
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Re: Selling a property held in an LLC and tax id #

Post by Contador314 »

If the LLC is set up as an s Corp for tax purposes(unlikely) then use ein. Otherwise I agree it doesn't matter since a single member LLC is almost always reported on your 1040 schedule c.
keith6014
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Re: Selling a property held in an LLC and tax id #

Post by keith6014 »

Thank you both.
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