Schedule C Question

[perrytl]

What is the name of your state? Wisconsin
I am a single owner of an LLC and I'm currently filing my taxes. The LLC owns a property that I haven't started renting out yet due to the rebah not being complete just yet, so, I have made no income from this business, but I do have expenses. The schedule c ask questions that I'm not for sure that I'm answering correctly? What do you think?
What is your business activity code? (531310 Real Estate Property Manager)
Accounting Method - not for usre what to put for this. I do not have a spreadsheet of expenses just receipts and bank statements
Expenses - not for sure what's the difference between contract labor, repair and maintenance and supplies when it comes to real estate
Amortization - what goes here?
Do I need to calculate depreciation?
How do you determine if the business is at risk?

Thanks. Any advice is appreciated.

 

[LdiJ]

What is the name of your state? Wisconsin
I am a single owner of an LLC and I'm currently filing my taxes. The LLC owns a property that I haven't started renting out yet due to the rebah not being complete just yet, so, I have made no income from this business, but I do have expenses. The schedule c ask questions that I'm not for sure that I'm answering correctly? What do you think?
What is your business activity code? (531310 Real Estate Property Manager)
Accounting Method - not for usre what to put for this. I do not have a spreadsheet of expenses just receipts and bank statements
Expenses - not for sure what's the difference between contract labor, repair and maintenance and supplies when it comes to real estate
Amortization - what goes here?
Do I need to calculate depreciation?
How do you determine if the business is at risk?

Thanks. Any advice is appreciated.

You really should probably have a tax professional handle your taxes this year at least. That will help you get a handle on how things work.

Otherwise you need to thoroughly read the instructions for schedule C, Schedule E, Schedule SE, and for form 4562. It also would help to read the relevant parts of publication 17.

 

[tranquility]

If you can't answer these simple questions, you need to get an accountant.