General Business question
I have started an LLC and currently, have 1 property while in the middle of buying another.
On the current property,
1) 30-year loan that was refinanced to pull equity and purchase the 2nd place.
2) replace the heating and air in my current property. That cost me 8k (I have a loan on this).
It is important to note that the unit had to be replaced because it was beyond repair. Not sure if that counts an expense or Deprecation. I believe Expense because i was repairing the unit with the exact same thing it had when it broke.
I am using Quicken to keep up with all the records and am trying to track these as tax items.
1) how do i track these "Schedule E/C"
2) when i have to drive, eat, and other stuff how is that tracked? "Schedule E/C"
3) How is my phone tracked when doing this work?
I would like to add my car to the LLC as an asset, but i have heard several stores about this.
Can I do that or not, and if so, do i deduct the interest on my car loan as "other interest" on schedule E or C?
Any help on how this works, or even some links/books that can shed some light on a direction, and how this is done properly would be great....
Thanks in advance to anyone taking the time to read my stuff and answer ;)