Updated almost 5 years ago on . Most recent reply
Airbnb tax help -Pros and Cons
If I am partnering with someone to establish an LLC there are several tax questions we have as far as if we should provide some income towards ourselves on a monthly or yearly basis. Is there anyone that is an accountant and familiar with tax laws for short term rental properties that could shed some light on the following questions we have:
-Will we have to file another state tax if our property does not reside in the current state we live in?
- Is it better to pay ourselves on an annual basis? How should we look at paying ourselves with the least amount of tax implications?
Any and all pros, cons, tips and tricks that can be provided when it comes to reducing the amount of taxes we pay on short term rentals would be greatly appreciated. Thank you!