asked

I'm filing my family's 2020 Federal return, which is fairly simple with mostly earned income and a standard deduction. My wife runs a small nonprofit school that uses a boat for marine biology education. We formed an LLC to hold title to the boat, which charges a lease payment to the nonprofit. The LLC had $12k income but also $12k in loan payments. Do I need to file a Schedule C for the LLC, and how should I handle the depreciation of the boat, considering the CARES act implications and potential audit risks?

December 3rd, 2024

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