Newbie question... may have been answered already, if so kindly point me to that info.
My pass-through partnership/LLC owns few rental SFRs. A local property manager does all the work but I review / approve tenant applications, review / approve monthly repair needs, monthly financial summaries, etc.
While preparing the LLC's 1065, each property has its own form 8825 and associated form 199A.
- Is it correct to mark each property's 199A as "qualified trade/business" ?
- How does the Yes and how does the No affect the overall partner's taxes on their own 1040 ?
