Business grouping, election

[sh2024]

1.our primary home is in Seattle

1. We bought an investment property In Denver 10/2023
2. We open a home care business LLC on 11/2023 we did not start work yet no business income but we have start up expenses for the business

4.our plan is my wife an RN will run the home care business in our investment property

Questions

We are doing our taxes now

We want to do 469 elections

1. When do we start grouping the business to avoid self-renting tarp, 2023 or 2024
2. Book keeping, do we keep separate income/expense for the two business
3. Does the home care business pay the rent to the investment property
4. We have discount points ($10500) and property interest, ($4560) deductions when we bought the investment property, do use the for 2023 tax retune or wait for 1024 because we do not have in come yet for from the home care business

Thank you

Salih Hussein [phone number removed]

[RobertB4444]

Please clarify - you're going to run a home care business remotely from Seattle as a passive activity, correct?  Because that 469 grouping is just for passive activities.

@sh2024 

[sh2024]

My wife will be in Denver to run the business

thank you

[sh2024]

No, My wife will be there to run the business

thanks

[DaveF1006]

To clarify, in order to give you a complete answer, is your LLC a separate entity complete with its own Tax ID# to report on a partnership return or are you treating this like a husband/wife LLC and plan to report this as  Schedule C income?  I have an answer to both scenarios. Also does your wife intend to live in the investment property and is the investment property in your/wife's name or is it in the name of the LLC?

Please respond back to @DaveF1006.