Here are my takeaways... Thank you to everyone who replied!
1. Putting a rental into an LLC is dumb and useless. Just increase liability insurance. It is cheap!
2. Find a fix for my wife's student loans so we can file jointly so we can reap the full benefits of owning rental.
3. Schedule C income/losses and schedule E income/losses are completely different and never affect each other... if it weren't for the special allowance in specific cases that do not apply to me currently
4. TurboTax forums are awesome! Knowledgeable people actually willing to help the less-seasoned among us! Thank you everyone!
