Started an AirBnb business how do i file the partnership return correctly/married

[pike5131]

Hello all, I have been doing my taxes on turbo tax for 20+ years,  we started a Airbnb business this year and I am a bit lost.  My wife and I have a partnership 50/50 on our LLC and our management company issues a 1099-MISC. 

Question 1 - TurboTax stated I need to file a Schedule C for my wife and I and split Incom and expenses....which is fine i can do that but its a headache revise everything but I assume that's necessary...right?

Question 2 - We only have 1 1099-MISC from the management company so do I enter this twice and split the number between both of us?  Will that cause and issue with the IRS when the 1099 does not match since i split it?

Question 3 - How do i handle deprecation assets...example we put in a new AC $5000 do I put $2500 under her and $2500 under mine?

Question 4 - The house itself assume the value is  $400k so i now split this asset $200k her and 200k me and split land cost also etc...

Thanks for your help I enjoy learning and doing this myself vs paying someone to do it.

how d

[RobertB4444]

First, you should have filed a 1065 partnership return this year.  That would pass the income through to you at a lower tax rate.  Unfortunately, that return was due on March 15th and if you file it now you'll owe at least $440 as late fees and another $440 for every month (or part of a month) that it arrives late.  

Since you're not doing the partnership return (which you don't have to do - an LLC is a disregarded entity) there is no point in splitting the partnership up on your schedule C for this year.  Just enter it all under your name or your wife's name.

And then use the 1065 next year for sure.

@pike5131 

[pike5131]

Thanks for the response now I know why my friend was telling me to file the extension last week ugh.    The business shows a loss this year so it should be ok on the tax front.  Thanks for that information.

[pike5131]

I thought you have until 4/15 to file your taxes, why did you mention 3/15?

[ThomasM125]

Your personal tax return Form 1040 is due April 15, but the partnership Form 1065 is due a month earlier, on March 15.