I started a single member LLC last year and purchased some rental property under the businesses name. I purchased a 6000lb GVWR truck last year to use for the business. Can I report rental property income for the LLC and claim bonus depreciation on a schedule E on my personal tax return or do I have to file a separate tax return for the LLC business to claim it. My CPA says I have to file a separate return for the LLC if I want to claim bonus depreciation under the LLC otherwise I cannot. Is this correct?
She said that I can only claim the bonus depreciation on my personal tax return if the rental income is personal income. This was not my understanding.
She also said I will be able to take the QBI deduction if I file a separate business return. I thought I could take the QBI deduction for business income on a personal tax return too.
I did my taxes on turbo tax to compare what the CPA comes up with. Turbo Tax allowed me to write of the entire cost of the vehicle on the schedule E and claim the QBI deduction.
