Deducting Business Expenses & the Standard Deduction
If you're employed with a W2 Salary and are investing in rental properties under a LLC (disregarded entity), would you even be able to make deductions if they add up to be less than the standard deduction on your personal return, $24k in my case as I file a Married, joint return?
With only a few properties, I doubt I'd come close to breaking the $24k standard deduction threshold. Am I missing something?
Thanks!