Each LLC (entity) files its own tax return

[Mary Jay]

Hi guys,

Can anybody explain to me please this...Ive heard from one RE investor, who owns about 300 properties, that his accountant files a separate tax return for each LLC/trust, etc (if I understood him correctly)... He puts each property into a separate LLC...

1) If a person does it, does it mean that I can not use deductions from depreciation, etc?

2) Does it help to sort of protect assets? For instance, Clintons and Trumps probably do not file all their assets on their personal tax return. They own nothing but control everything, right? So you would think their personal tax return would not have all their assets on it...