hello,
i have 3 condos own by single member LLC and i have always put the 3 Condos into schedule E (as Rental) in turbotax business.
i also have other businesses and W2 as well, so as i was typing them in, my owe tax is about $64739.
I went back and verify all the numbers in the LLC and i found that i had a larger number for HOA expense, so adjusted it. To my surprise, that my tax owe for federal become a $64515 (Less tax owed). I tried this with a few other items... like i had a repair and appliance purchase for one of the condo, and I noticed if i REMOVE those expense, my tax owe is LOWER!
Why is that and how could that be? I paid money to get a new appliance into the Condo, and i thought by claiming this as an expense, it would help my personal tax, but it did not!
I also tried this with vehicle mileage/tolls as i drive to the condos for repairs, it also lower my tax if i do NOT claim those vehicle expenses.
Can someone explain?
