I have 3 Condos in florida and i live in NY. These 3 condos are own by 2 single member LLC. (My own LLC owns 2 units, and my wife's LLC owns 1 unit) I hired a management company in Florida to take care of these 3 condos for me. They are also responsible for finding tenants, repairs..etc... and i pay a fee. At the end of year they send me two 1099-MISC with the rent info on it.
In TurboTax Home and Business version , I have always been adding "HOA, Mgmt Fee, Repair, Utility, Tax, Travel, RE Tax" deductions items in the "Rental properties and Royalties" section.
I want to know, why cant I add my LLC as a "Business" in the "Business Income and Expenses" section, and just add my "HOA, Mgmt Fee, Repair, Utility, Tax, Travel, RE Tax" as a business deduction? and do it like that? Is Schedule C only for real business that provides a service?
I am asking becuase my income is above 150k and none of those depreciation or netloss is offseting my real W2 wages and I experimented by adding the LLC income/expense in teh "Business Income and Expenses (Schedule C) " section and it actually does help my overall tax liability.
Can you advise if that is right or wrong?
