I have an LLC used for real estate activities which include buying & selling properties and well as some buy and hold for rentals. I assume this single member LLC will need to be documented via schedule E as I do not qualify as a real estate professional.
My question is where do I record depreciable assets that are not linked to any single property? I purchased a tractor in 2022 to work on some vacant land i purchased to develop. In early 2023, I sold this same property but I kept the tractor to use on other properties. I will be able to depreciate 1/5 of the purchase price in 2022 if I link it to the vacant land, but in 2023 when I show selling that vacant land, how do I keep depreciating the tractor? Where do I capture this in Turbo Tax self employed?
