Thanks for your response. Not sure what information would help you better answer my question.
The LLC is owned jointly by my spouse and me.
I am attempting to use Turbotax Home and Business myself to account for this situation properly.
My wife is a full time real-estate agent and we actively manage the properties the LLC owns (we set rents, clean the place between tenancies, advertise it etc.).
The properties owned by the LLC are corporate rentals - i.e., furnished rentals that are typically rented out for periods of over 30 days (typical period is 2 months to 12 months). The loans to the LLC were for down payments and to furnish them. I previously stated that there was one property owned by the LLC. There are actually two - but I figured the solution would be the same either way.
The issue is really to know what should be done and then how to correctly put that into Turbotax.
