How do I keep my LLC's Rental Property seperate from my personal rental property?

MPMngmnt

I have owned a duplex for 10 years in a Sole Proprietorship and have always filed a Schedule E. In 2019, I started an LLC which owns 100% of another (disregarded)LLC which owns a rental property. Do I differentiate that property by strictly assigning business Income and Expenses categories (Schedule K?) to it or should I be using the Rental categories (Schedule E) for it? And, if so, how do I correctly track the LLC's Profit and Loss versus the Sole Proprietorship's Profit and Loss? Putting multiple entities' rentals in the rental categories is lumping them all together.

NotACPA

Will the LLC file it's own tax return, or be included on your tax return?

If it's own tax return, then the LLC should have it's own separate Q data file.

If on your return, then you could use TAGS to differentiate between the holdings.

NotACPA

Will the LLC file it's own tax return, or be included on your tax return?

If it's own tax return, then the LLC should have it's own separate Q data file.

If on your return, then you could use TAGS to differentiate between the holdings.