Hello. I'm working on my 2022 taxes. I have a (maybe?) complicated situation and I'm looking for some help. For the past few years (say 5), I've owned a property which has House A and Apartment B on the property. I've been renting out Apartment B as 100% rental property and tracking expenses to that throughout, prorating expenses that would be shared between A and B accordingly. I've been reporting Apartment B as a line item on TT; it has its own depreciation schedule, etc.
House A has been my primary residence throughout that time until very recently, when I moved. Before I moved, I was 1. renting out part of my house when I was also living there and 2. sometimes renting out the whole house when I was working elsewhere. I've calculated the personal vs business percentages accordingly to allocate to my expenses for House A. It also is a separate line item on TT with its own depreciation schedule.
My intent now is to rent out both House A and Apartment B 100% of the time, and they are both now within an LLC. I did not form the LLC until recently (late 2022). I know the LLC is a passthrough, and I am struggling to merge the 2 separate line items for rental property for A and B into one to reflect it as one item in TT.
Question is: Do I need to merge A and B into one line item in TT since they are both under the same LLC? Pros/cons? What should I be looking for to do that successfully?
Thank you very much!
