Can you expand on that a bit. In particular, if all of LLCs activities and income come from rental activities on Sch K Line 2, thus there are no other ordinary income, are there any deductions/depreciations that can go directly on 1065 at all? Or should 1065 be always empty? And in case of say a $1000 cell phone for an LLC with 20 properties. Are you saying that it should be broken up in $50 chunks and that $50 should be separately depreciated for 7 years under 20 different 8825s? And a $100 tax software should be expended 20 times for $5 on each property? Did i understand you correctly?
