Thank you for the great information..very helpful.
I do want to clarify for my situation:
I have a LLC with a full paid property (paid cash, no lender) as a rental property. I understand that I must report the rental income on the Sch E and the rental expenses.
However, for all the improvements, furniture, etc., that I purchased for the property to get it 'rental ready', I was reporting on Sch C.
Is that correct? Or do I list everything as rental expeses?
