One LLC with multiple Rentals - where to book over...
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Level 2

One LLC with multiple Rentals - where to book overhead costs?

Hello, I have a multi-member LLC with multiple rentals.  I have annual overhead expenses such as the registration for the LLC, tax prep expense, etc.  Can I just pick which property to assign these expenses to or must I divide them up or where do they go?  The properties are in different states so maybe I take the expenses against the property in the state with the higheset state tax?  I am using TT Business.  Thanks for any advice!

3 Replies
Level 15

One LLC with multiple Rentals - where to book overhead costs?

 

Annual overhead expenses do not get prorated on the separate rentals as they are expenses of the business.

 

If you have not filled in a 1065 or 1120S before and you don't have a prior year return to use as a templet then I highly recommend you seek local professional assistance to get educated.  

 

Level 2

One LLC with multiple Rentals - where to book overhead costs?

I have been told by a professional that I can just assign them to one of the rentals, but I would like to check that.  Surely every investor with more than one property in an LLC faces this question so it must have a straightforward answer?  

Level 15

One LLC with multiple Rentals - where to book overhead costs?

Did that pro know your entire situation ?    Do they know you are filing a partnership return ?   Please seek local professional assistance with this matter.  

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