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Updated over 4 years ago,
Worth starting an LLC?
I recently purchased a second property, which I plan to use for vacation and family. I own my primary residence as well. When looking into options for renting out the beach house part time, I wondered what would be most beneficial for tax benefits.
For example, if I were to rent it out to family for 3 months of the year, I could technically call it a rental home and take advantage of some write offs? This led me to start thinking of creating an LLC to write off all rehab including fresh paint, new flooring, etc.
I am looking for advice on this matter. Anything helps! Thanks BP