My business is buying rental property. I deed properties in my own name. The rent is deposited to the LLC bank acct. Can the LLC claim the income? The reason I care is that there are lots of business expenses (office equipment, vehicle expenses, etc.) that I'd like to write off, but it looks a bit fishy if my LLC shows no income.
You might say that I should write these items off on my Schedule E on my personal tax return. Many write offs don't fall under a specific property address that I own, but rather are general expenses required to research, acquire, and rent property. How do I write off "business" expenses for a business that has no income?
