Hi Robert,
I knew I wouldn't do a good job at clarifying my situation, my apologies! So all four of the LLC's are single member LLC's and are pass through to my personal tax return. I don't have to file separate returns for them.
Two LLC's own one single family home each, once since 2021 and once since 2024. For the one that has owned an investment property since 2021, I created a rental profile (if that's the right terminology) for it in TurboTax and have been deducting expenses on Schedule E since. For the one that has owned an investment property since last year, I just created a second rental profile for it and will deduct its expenses accordingly on the Schedule E. I have not mixed anything in regards to these two LLC's/properties.
The third and fourth LLC's do not hold any properties. One of them is simply a holding company for the two that do own properties. The other LLC was created for the sole purpose of fixing and flipping houses, not to hold them long term. We did one fix and flip in 2022, but nothing since so it currently doesn't hold any assets. Each of these two LLC's has their own expenses, i.e. registered agent fees and legal fees for the maintenance of the LLC's themselves. If these LLC's don't hold any property and I can't add a rental profile in TurboTax for them, like the other two, where would I add the registered agent fees and legal fees on my tax return so I can deduct them from my overall business income?
I hope this helps, but please ask away!
