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/u/RichAdults
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Bought a home with 4beds 4 baths that I occupy in as a primary residence. Plan is to rent two rooms out to long term tenants and AirBnb another <7 days at a time to keep it available as a guest room.
With that being said, if this is my only “rental” should i create a business bank account and LLC and consolidate all the rental income into the LLC or keep it as a sole prop on my schedule E?
I plan on buying actual rental properties in the future and having an LLC for each for protection purposes however in the case of renting rooms out what would be the best option here in terms of maximizing write-offs?
I also plan on writing off a home office as i work from home as an FYI if that factors into any tax purposes with creating an LLC or keeping sole prop.
What would you do and why? LLC or sole prop
submitted by /u/RichAdults
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Renting out a room, and AirBnbing a room
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With that being said, if this is my only “rental” should i create a business bank account and LLC and consolidate all the rental income into the LLC or keep it as a sole prop on my schedule E?
I plan on buying actual rental properties in the future and having an LLC for each for protection purposes however in the case of renting rooms out what would be the best option here in terms of maximizing write-offs?
I also plan on writing off a home office as i work from home as an FYI if that factors into any tax purposes with creating an LLC or keeping sole prop.
What would you do and why? LLC or sole prop
submitted by /u/RichAdults
[link] [comments]
Renting out a room, and AirBnbing a room
Continue reading...