How to Handle My Mobile Homes Rental Income?
Hello everyone and thanks for any feedback. This year i bought and renovated a few mobile homes in FL under the same LLC and already rented them out. The income is coming in to the LLC's bank account. My questions are: How would I be taxed on this income? What deductions can I use? The money I used to renovate them and acquire them, was mostly from my own cash (no bank or personal checks to prove amounts), could I use this cash as an expense? Since the mobile homes depreciate, can I use the depreciation against the income? and what would be the best way to get the income out from the LLC?
I appreciate any guidance on this matter