Categorizing transactions not related to a specific property

[Jason Riddle]

I have the following situation. I have two properties, each in their own LLC. If I have an expense that's only related to one property, say a utility bill, than I can expense it under that LLC. However, sometimes I have expenses that aren't related to either property. For example, paying a CPA to file taxes at the end of the year which involves both properties. Where should this transaction be reported? Can it just be expensed under one of the LLC accounts or should I have an entirely different account?

[Michael Plaks]

Quote from @Chris Seveney:

@Michael Plaks

GREAT post.

Curious as a cpa do you find too many investors setup these crazy corporate structures some guru taught them whixh over complicates their tax filings ?

Thanks for the compliment, Chris. 

Not being an attorney, I cannot judge whether such structures provide the legal benefits they are meant to provide and whether they are necessary.

My main beef (substitute soy if you're vegetarian) with them is that investors do not follow the burdensome formalities required to maintain integrity of these structures. Probably making them useless.