Investor · Youngstown, OH · Member since 2017 · 2k+ posts · 2k+ votes
We're in the process of looking for a CPA who specializes in RE, and we've read Amanda Han's book on taxes for REIs. In the meantime, I signed up for Turbo Tax Premier as my taxes are starting to get a little too complicated for me.
I own two rental properties that are not in an LLC or any other type of business entity. I have a few misc REI-related business expenses that do not relate directly to either property (BP books, REI networking costs, and we signed up for Fund&Grow in December). If I'm not filing a schedule C, where do those go? A TurboTax rep says I can't claim them, but that contradicts what reputable sources have told me.
I would allocate the misc expenses by the amount of properties you own and put it on other expenses. Since you have 2 properties, i would divide the total amount by 2.