I own vacant land and vacant commercial lots for investment with partners under a multi-member LLC. In 2019, we had no income and there was not property sale. We incurred significant costs for mortgage interest and property taxes. Since there is no income to deduct these costs against, how do I handle them? Specifically, how do I report them using Turbo Tax Business 2019 (I have the CD)? I report personal taxes using Turbo Tax Premium.
Yes, it's an investment property. Can you please guide me with steps to take? What do I need to within Turbo Tax Business for the LLC? At this point, it'll be an amendment. When I filed back in March, I had incorrectly classified these as rental expenses. I need to know what I need to do in future years as well.