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