Reporting 3 flat in Taxes

[Haickel Padron]

Hello everyone,

I have a question in relation to reporting a 3 flat or 3 unit that I have in Chicago in the taxes. I still need to create my LLC but as of today the question is the following.

How should I report the 3 flat in my taxes?

Option 1: One unit with one mortgage and one insurance and report the total amount of rents in one and all of the expenses as well.

Option 2: report it as individual address and individual rent and expenses. How will the splitting of the insurance and mortgage works.

Thank you for your help always. Glad to Connect with anyone living in Chicago.

Haickel.