Closet_Gamer
Thinks s/he gets paid by the post
Looking for advice from people with experience renting vacation homes. We recently bought a beach house dance and are renting it 10 weeks/year to defray some of the operating costs.
The asset/expenses/insurance are all run through an LLC.
We set this up on a bit of a crash program so I'm only now digging into how I manage the taxes on it. I believe I need to issue myself a K-1 from the LLC. As we are using it for more than 2 weeks per year, I lose depreciation and the right to deduct improvements. I think.
I'd welcome advice on how to manage the taxes (or other aspects) of this set up.
Thanks!
The asset/expenses/insurance are all run through an LLC.
We set this up on a bit of a crash program so I'm only now digging into how I manage the taxes on it. I believe I need to issue myself a K-1 from the LLC. As we are using it for more than 2 weeks per year, I lose depreciation and the right to deduct improvements. I think.
I'd welcome advice on how to manage the taxes (or other aspects) of this set up.
Thanks!