Two rental properties tax question. one is under LLC which we ar

Another property is under our individual name.

Question 1: should we enter one rental property income, expenses under"Business Income and Expense" and another under" Rentals and Royalties" or both under "Rental and Royalties"?

Question 2: What is the difference between "Business Income and Expense" and " Rentals and Royalties" ?

Question 3: I work full time, but my wife is at home spending a lot time to find,search and manage the properties after acquiring them, can we claim real estate professional or not?

Question 4: Both properties did not rented out last year, but spent much money to repair. Can we claim these money as expenses? How about if these money were borrowed from bank?

I am a first year landlord, thanks for your advice.

所有跟帖： 

• You can only report your rental income -西西妈- ♀ (560 bytes) () 03/30/2011 postreply 23:48:10

• 回复：You can only report your rental income -neworiental- ♂ (21 bytes) () 03/31/2011 postreply 10:56:02

• yes to question #4 -chuh123- ♂ (723 bytes) () 03/31/2011 postreply 07:09:24

• ditto -jjj7- ♂ (0 bytes) () 03/31/2011 postreply 07:36:39

• you depreciate new appliance. sorry, bad example. -chuh123- ♂ (0 bytes) () 03/31/2011 postreply 08:29:47

• 回复Thank you chuh123 -neworiental- ♂ (0 bytes) () 03/31/2011 postreply 10:57:08