Cindy4
Employee Tax Expert

Business & farm

The personal rental will be reported on a Schedule E.   Here's how to report it using TurboTax.    It sounds like the LLC is possibly flipping houses.  If this is the case, that will get reported on a Schedule C if it is a single member LLC and you didn't make an election to be taxed as a corporation.   

 

The start-up costs can be deducted when the business begins to operate.  If the costs are less than $50,000, you can deduct up to $5,000 and amortize the excess.

 

Here is a great resource for starting your business:

https://turbotax.intuit.com/tax-tips/self-employment-taxes/beginners-tax-guide-for-the-self-employed...

 

Hope this helps!

Cindy

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