So to clarify, you set up a single member LLC which you are reporting on the Sch C, is this the rental business you are setting up on the Schedule C or it is some other business that you are setting up?
Yes, I have an single member LLC that I am using to manage the rental properties with expenses such a vehicle that purchased in May 2022-before from Jan -May I used Uber, Lyft and rent cars-gas and using home office that I would like to deduct as business expense, % space of my home. Home that I purchase in April 2022. I would like to use Section 179 to deduct vehicle expenses moving forward next years for consistency. I am currently have all the rental properties repairs, taxes, maintenance, and other cost for the rental on Schedule E. I am not real estate agent because I am maintain a log with activities-something, I could do during next year. I di mentioned previously. Schedule E does not have the deduction for home office % space wise from my house residency and either for Section 179 vehicle deduction. Schedule C does does not have the line items prepopulated for taxes, bank interest paid.
