All Forum Posts by: Chris Logan

Gentleman, thank you for your responses. We live in Florida and that is where the Air B&B is located, so I know there is no state filing. I was under the impression it would go on a Schedule C as it's an Air B&B as the average stay is well under 7 days and I have actively participated well over 100 hours (we handle all the bookings, we do all the maintenance ourselves, etc...), which is more than anyone else. We did plan on seeking help from a CPA or an EA, but I was trying to get a general idea of what I was looking at before I went. 

My wife & I own an Air B&B, and run it as an LLC in a non-communal property state. I just want to make sure we are doing this right. My understanding is we need to file a 1065 to generate K-1s. If we plan on filing a joint return, do we then take the info from the K-1s and each do a Schedule C for the 1040, or does it all go on one Schedule C? This is a new rental and this is our first year filing. Thanks!