Need some guidance on filing AirBnB income for vacation home. Facts: - wife and i own home with another married couple. This is second home, vacation home, investment for us. - The four of us ...
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Need some guidance on filing AirBnB income for vacation home. Facts: - wife and i own home with another married couple. This is second home, vacation home, investment for us. - The four of us formed an LLC partnership (equal 25% share) to handle managing property and all related expenses, opened a separate business bank account pays all utilities/maintenance/repairs etc. with idea to eventually do short term rentals. - 2024 was first year we put home on AirBnB; have owned home 3 years - The home is owned personally by all of us, the LLC is not on deed - The LLC received 1099-K from AirBnB for ~$9k (1) Were were suppose to file form 1065 last month? (2) Do we need to? (3) When filing, can the LLC deduct property taxes, mortgage interest, and property insurance? I question this as LLC does not own the property. (3b) If not, can these be deducted on personal income 1040? (4) I assume LLC can deduct all other rental type expenses, cleaning, maintenance, repairs, utilities, against income to business, correct?