Hi everyone.
I purchased a rental property in 2021. Later in 2021, the deed was transferred to an LLC (based out of Delaware).
The questions i have are
1. Do I report this as "rental income" in the turbotax self employed? Or do i report it as an LLC with income and business expenses?
2. Can i deduct closing costs?
2. My income is basically the rent i get. Will the business expenses be the mortgage payments for year 2021?
3. Can i deduct the mortgage interest paid? Or is that only for personal property?
4. Can someone explain how I can make use of depreciation? Its my first time with a rental property.
Thanks.
