I converted the main part of my home (lived there 11 years) to a Vacation Rental in 5/2020. I am using the smaller part (a cottage) for personal use but do not live there at of 5/2020. I was told to set up my Vacation Rental as a Schedule C Business. It is only offering me to choose the property as a Non-residential Real Estate depreciated over 39 vs 27.5 years. Is this correct? Should I set this up differently?
Next question, Since both my husband and I own the house, should I set this up with each of use having a separate business (split income, expenses and asset on schedule). Told it would reduce SS since he has a job that maxes out on SS.
Thanks!
