We have few rentals in an LLC taxed as partnership (1065). There are no other assets in the LLC and the only income is from rentals, which goes into Schedule K line 2 and gets passed through to member K1s. My question is, how to properly handle general deductions/depreciations which can't be attributed to any specific property. Like when we pay for tax software/prepare, computer services, yearly LLC renewal fees with the state, bank fees etc... ? We have been putting those charges directly under LLC on 1065 (Federal Taxes > Deductions screen) and since there's no other ordinary income we always have Ordinary Business Loss. Now we got a business cell phone (and a line) which must be depreciated, but since we're showing net business loss there's nothing to deduct it against and TurboTax is just offering to carry it over (indefinitely)? We can depreciate it from a property (on 8825) but how do we pick which one? Or if we have say 20 properties do we really need to spread one cell phone depreciation into 20 equal pieces, what if some properties are net losses while others are profitable? Please advise. Thnx
