For unreimbursed partner expenses, I know that the partner can claim these expenses on Schedule E of their individual tax return. However, where does a shareholder claim unreimbursed business expenses?
I have a client that is a single member of an LLC that holds multiple rental properties. The client is responsible for collecting rents, but hires a handyman to do any repairs. The client is not a real estate sales person or real estate broker. For reporting purposes, are the rental properties reported on multiple Schedule E forms or do we combine everything together on one Schedule E? What is the proper way for reporting multiple rental properties?
A client sold a rental property in 2013. The last water bill was not paid until 2014. However, there is not a Schedule E for that property on the 2014 tax return. How can the water bill paid in 2014 be deducted?