Scedule E, Scedule C or 1065 partnership

[Kevin Kendall]

My wife a I are buying our first rental property and I am trying to figure out how to file our taxes. We will transfer the property to an llc. We live an the property is in co which is a marital property state and the property management company will be issuing 1099 misc to us. The llc will be in both of our names. Any insight out there?

[Kevin Kendall]

Hey Linda, thanks for chiming in. After much research we are leaning towards filing through schedule e and keeping title in our names. Although tax deductible, the extra expenses are still expenses for llc. I think if we expand to more properties we will look at llc more. Will probably get umbrella policy. I would be interested in coffee to pick your mind more. Have also looked at possibly attending local meet-ups. Website has been great.