Wow thanks for info! What if I pay off my rental property loan - own it outright - have an LLC to take advantage of deducting rental expenses, also have a rental property policy and an Umbrella policy - is it still a waste of time, etc... to file the 1065 for my LLC? I can't help but think it is worth it to deduct some expenses, but never quite sure if I should put my taxes on rental, depreciation on rental property and loan interest on rental property - all on the LLC return (1065) - am I wasting my time? Or, should I just put everything (including rental/bsn income/expenses) on my 1040 Sch C & Sch E for personal taxes ? Is this the "tax purposes" only you refer to? I get it = unhappy tenant can get you "screwed". Thanks again for any clarification - should I disolve this single owner LLC???
