LLC taxes on real estate income

[Wilson Pereira]

My wife and I formed a WY LLC that is an asset holding LLC and a member of two other LLCs, one in NC and the other in FL. My wife and I are the only members of the WY LLC. I have rental income for the NC and FL LLCs. My rental properties are owned by the NC and FL LLCs but my wife and I have mortgages on them. My question relates to tax filing for my personal and rental income. Real estate taxes and mortgages are paid through by LLC. Do I take the real estate and mortgage interest credit on my LLC income and expense P&L and have that roll up to my 1040 through a Schedule K-1 or do I exclude these from the individual LLC P&L and take these credits on my 1040? I understand that for LLCs everything rolls up to my personal 1040 but I'm looking for guidance on the proper way to handle this on my return. I'm also not very clear on how returns should be filed for my WY, NC and FL LLCs. The latter two are single member LLCs with the WY LLC as the sole member so my understanding is that the NC and FL LLCs will be considered passthrough. In terms of tax forms, my understanding is that my wife and I would need to file a Schedule K-1 with our 1040 since we are both members of the WY LLC. Looking for input and guidance from other members who have experience with setting this up right.