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Updated about 5 years ago on . Most recent reply

User Stats

25
Posts
11
Votes
Eva Mackowski
  • Rental Property Investor
  • Granbury, TX
11
Votes |
25
Posts

STR accounting questions

Eva Mackowski
  • Rental Property Investor
  • Granbury, TX
Posted

Hello fellow investors,

I'm trying to figure out the best way to manage my str business. I own 2 vacation rental properties in TN but live in Texas. I chose not to put the rentals under an LLC, and am planning to run them thru personal income tax return. That said, I am looking into an accountant type person that will handle the str side of things, doing the monthly lodging tax plus do the profit /loss statements and then taking that info and running thru my personal income tax return here in Texas. Do you guys do your own taxes, and how do you manage? Also, is it best to have an accountant from the state you live, or where your investments are from, or does it matter? Does the rental income from my str's count as income tax from TN? not sure how all this is handled... thanks

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