STR Business

Forum|Forum|1 year ago
October 30, 2024
2 replies
23 views

I am establishing a Short Term/Vacation Rental business for foreign property. I will create a US based LLC, but the property is outside of the US. The income will come from a foreign bank account, but I will be using US funds and credit cards to make purchases for running the business here in the US. What kinds of expenses can I write off for the business/property? And if I set up an LLC for the business, would I file that with my personal taxes or on a separate tax filing specifically for the LLC?

Anonymous_

Level 15

No text available

jnicole455Author

Level 2

Yes, we will operate it as a vacation rental and provide cleaning services. No meals.

jnicole455Author

Level 2

Since it is a foreign property we will have to travel there from time to time as well. We also need to furnish the property. So can we write off furnishing costs, travel costs, etc from the income?

We will also have to file taxes in the country we are running the property, and will be expensing some costs of running the business with that. So I dont know how that would work for filing taxes and expenses on the US taxes.

BeckyLeeH

Employee Tax Expert

This link may help you understand how to report your Short Term/Vacation Rental business
on your US tax return, including all foreign income and what type of expenses you can deduct:

10 Tax Tips for Airbnb, HomeAway & VRBO Vacation Rentals

https://turbotax.intuit.com/tax-tips/rental-property/10-tax-tips-for-airbnb-homeaway-vrbo-vacation-rentals/L8CEWgLSP?srsltid=AfmBOoqntLnUR_BKpoYG6CLcZdPTuE3L41DxH_Wz1NBpmQ45sbplIKe7

This link may help you understand how to file tax returns fo your LLC

LLC Tax Filing Rules
https://turbotax.intuit.com/tax-tips/small-business-taxes/llc-tax-filing-rules/L39E29kPR

Congratulations on your new business!

**Say "Thanks" by clicking the thumb icon in a post. **Mark the post that answers your question by clicking on "Mark as Best Answer".

jnicole455Author

Level 2

If the foreign income is taxable in the foreign country do we then file that as foreign income on our US LLC? And would the travel costs and furnishing costs etc be expenses we write off on the US LLC filing? Or with the foreign tax filing?