All Forum Posts by: Vid Sista

Let me clarify...i have separate bank accounts for my personal and business (LLC) and I file separate tax returns for my personal and business.

My financial transactions, P&L and other accounting records are kept separate. Because of depreciation, capital outlay for purchases, repairs and other expenses I haven't owed anything for my business tax return the past few years but have paid taxes on my personal filing. 

When I record this transaction for the purchase of a vacation home, are there any tax benefits for a second home on the purchase of the property?

If I'm recording the revenue from the STR and other expenses under my business filing, does the purchase of the asset and depreciation, etc. also need to be recorded under my business or since it's also being used as a vacation home, can I realize those tax benefits under my personal filing?

I have an LLC I use for my LTR's and other REI and recently purchased a vacation home/STR. It will be used as a vacation home but also an STR when I'm not using it for personal use.

I handle all my REI transactions under my LLC, but I also have a W2 job and my personal taxes are always significantly higher that my business taxes.

Is there any tax benefit on my personal taxes by recording this purchase under my name instead of the LLC? It was technically purchased/closed under my name but I typically move the deed under the LLC after closing.

Just curious if I can reduce my personal tax liability with the purchase of a vacation home, or if I should just treat this the same as my other LTR investments and capture everything under the LLC.

Thanks in advance!

Thanks everyone for the replies, they were all very helpful! 

I have a title company I work with and they are currently helping me with another deal so asked them to do it and it was $150 each as Daniel mentioned. 

Thanks!

Hello BP friends!

I have a few properties that I had to close in my name, but I'd like to move them under my LLC now.

Do I need an attorney for this, or is this something I can do on my own by filling out some legal forms and getting a notary? 

If I do need an attorney, what should it cost per property to file the paperwork?

The properties are all in Texas if that helps. Thanks in advance!

Thanks everyone. I ended up buying just outside of Austin city limits. Still close in proximity to a lot of the attractions (Lake Travis, Domain, etc.) but not subject to the same restrictions within City limits. Appreciate all the feedback! 

I'm looking at my first STR in an area that is growing, with a LOT of new construction and new apartment buildings. Does this type of rapid growth in housing options have any negative impact on STRs?

 Sarah, when you say you might find some that are in SF but are grandfathered in, do you mean an investor can purchase one of those homes and get a license or are you saying that you might find an existing AirBNB listing in those neighborhoods because they are grandfathered in?