Last year we formed a real estate LLC and purchased a condo, which we've been renting out. For 2019, we had a net loss after factoring in all expenses, including depreciation of the property.
Should I report this loss on Schedule-E or Schedule-C?
If I report on Schedule-E, I can't claim any of the loss, since my total income is greater than $150K. If I enter the income/expenses under Business Income (Schedule C), TT isn't given me the option to enter the property depreciation amount as an expense.
I understand the limits around passive income and the carry-forward loss when reporting under Schedule E, but am wondering if operating this rental as a LLC changes the scenario and allows me to report this loss under Schedule C.
Thanks!
