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.
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