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Updated 6 months ago,
STR Set up Questions! LLC, furnishing expenses, etc.
Hi, I'm considering converting 1 unit of my duplex in to a STR. I currently live in the unit that I will be converting into a STR. I'll be moving into the other unit.
1. Do I need an LLC in order to claim tax benefits for STR?
2. Can I create an LLC just for running the Biz/managing aspect, but not transfer my property into the LLC?
3. How does moving my property to LLC affect how I can get HELOC, refinancing, selling the house?
4. I don't plan on expanding my portfolio, is it even worth getting an LLC?
5. Since I am converting my Primary Residences into a STR MID-YEAR, does that go beyond the personal use days or does it start counting after STR service starts?
6. I'll incur start up cost setting up my STR; like furnishing my STR. Can I claim these expenses as deductions for my STR?
Are there any companies that can help set up LLC and does accounting for STR?