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Investors & landlords
First the limit is 45 rentals ... 3 per Sch E page x 15 pages max = 45 allowed by the IRS for efiling limits.
Next, not sure you got good advice to switch the rentals to an LLC taxed as a partnership ... you could have simply made sure you had a good umbrella insurance policy to cover your assets and continued the same way instead of keeping separate books, bank accounts and tax returns.
https://www.avail.co/education/articles/should-you-create-an-llc-for-your-rental-property
‎October 17, 2020
7:28 PM