You don't say what kind of LLC. Multi-member LLC? Single member LLC?
Either way, *ALL* income and *ALL* expenses for residential rental real estate are reported on SCH E *no* *matter* *what* kind of tax return you are preparing.
If a personal 1040 tax return, it's reported on SCH E as a physical part of that 1040 personal tax return.
If a 1065 Multi-member LLC/Partnership, then it's still reported on SCH E as a physical part of that 1065 tax return.
Property improvements are reported in the Assets/Depreciation section of the SCH E and depreciated over time. They are not "deducted" per-se. Sounds like your renovations would be classified as "Residental Rental Real Estate" and therefore depreciated over 27.5 years.
