1. Can I just file Schedule E as if this was on my personal tax return, or do I need to use the Business tax and show the income expense on it and then create a K-1
If you elected for the LLC to be taxed as an SCorp then you MUST file the 1120S ... and if you have not filed the 2018 return yet then it is VERY late as it was due 3/15/19 so file it ASAP.
2. If I do need to create a K-1 then, can I use the depreciation which turns most rentals into a loss and then use the K-1 to file the personal return?
The 1120S will produce a K-1 that you enter on your personal return no matter what the bottom line is.
