They have no effect at all on taxes, unless you elect to have it taxed like a corporation.

When people try to be all professional and corporate, it will usually be boring and fall short.

IMHO Buy American whenever you can and help save your own job and community.

This town is amazing.Entering Puerto Vallarta from the north you pass the airport and right away start to see the North American influence here with shopping malls, Plaza Marina is the first of many you will encounter and many high end furniture stores, art galleries and chain restaurants familiar in American and Canadian cities.

They are all easy targets and it's a shame that Stewart is becoming the "voice" of opposition to American greed.

Michael, because as Americans, we hope for change and greener pastures ahead.

If you are an LLC, partnership, or Sole Proprietor, you can NOT legally deduct an expense based on the time you, as the owner, put into the rental.I believe that if you are a corporation, such as an S corp, you can become an employee of the corporation and pay yourself, but then you have to pay income taxes on that as well.

Apparently, Treasury Secretary Tim Geithner agrees: "These predatory scams callously rob Americans of their savings and potentially their homes".

For purposes of this Act, the following definitions shall apply:(1) FINANCIAL INSTITUTION.—The term ‘‘financial institutions’’ means any institution including, but not limited to, banks, savings associations, credit unions, broker-dealers, and insurance companies organized and regulated under the laws of the United States or any State, territory, or possessionof the United States, the District of Columbia, Commonwealth of Puerto Rico, Commonwealth of Northern Marianas Islands, Guam, American Samoa, or the United States Virgin Islands, and having significant operations in the United States, but excluding any central bank of, or institution owned by, a foreign government.(2) SECRETARY.The term ‘‘Secretary’’ means the Secretary of the Treasury.(3) TROUBLED ASSETS.The term ‘‘troubled assets’’ means residential or commercial mortgagesand any securities, obligations, or other instruments that are based on or related to such mortgages, thatin each case was originated or issued on or before September 17, 2008, the purchase of which the Secretary determines promotes financial market stability; and, upon the determination of the Secretary in consultation with the Chairman of the Board of Governors of the Federal Reserve, any other financial instrument, the purchase of which the Secretary determines necessary to promote financial marketstability.

It does not have to be in writing either, but it is definitely a good idea to put it in writing, and investigating a corporate entity, as Will and Beauvais alluded to, is not a bad idea either.