I use the non-Series LLC as management company for my Series LLc (I flip/remodel/build houses -- each property is held as its own Series until sold) and I handle Real Estate and mortgage transactions; no rentals. My RE business is 1099'ed to me personally. Both LLC's are single-member, so basically, sole-prop.
Can I just lump all of my expenses under the non-Series LLC and do 1 Sch C for all?
Or do I need to separate Sch C for each LLC - and one for my RE business (3 total)?
In years past, I had a CA LLC for my flips and then did my RE deals as sole-prop - filing 2 Sch C's. But now that I have the TX LLC managing everything, wondering if that would be more-likely to create an audit situation (to make sure I'm not double-dipping)?
Most of my expenses for Office, Transportation, M&E, Marketing, etc. all blend together. I started to break-out expenses (both itemizing individual M&E's and halving things like Office Supplies/Cell Phone/Website) for each, but it's time consuming and I may be creating more audit risk.
Anyone have a similar experience?
