business + pleasure

[ianleonard]

I have a rental property under my personal name that i will be hoping to write off repairs and other expenses on my personal taxes : my LLC is focused on acquiring and wholesaling real estate but has not yet created any revenue however there has been substantial start up costs and expenses in regards to my LLC. how do i differentiate writing off expenses for the personal property under my name vs the LLC’s start up expenses?

[Cindy4]

The personal rental will be reported on a Schedule E.   Here's how to report it using TurboTax.    It sounds like the LLC is possibly flipping houses.  If this is the case, that will get reported on a Schedule C if it is a single member LLC and you didn't make an election to be taxed as a corporation.   

The start-up costs can be deducted when the business begins to operate.  If the costs are less than $50,000, you can deduct up to $5,000 and amortize the excess.

Here is a great resource for starting your business:

https://turbotax.intuit.com/tax-tips/self-employment-taxes/beginners-tax-guide-for-the-self-employed...

Hope this helps!

Cindy