For Tax Reasons, Should You Form an LLC When Renting Our Your Apartment?

Oct. 1, 2014 — So you're moving out of town and you've got approval to rent your condo or sublet your co-op. The rental income is sweet, but what's your tax situation going to be? Should you report your rent as personal income, or should you form a limited-liability corporation (LLC)? For most of us, the answer will be the former, writes Leigh Kamping-Carder in BrickUnderground.com's "Ask the Expert" column. They whys and wherefores have to do with passive vs. active income. Either way, there's a lot of stuff you can be active about in deducting.