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Vacation Rental Tax Help Needed!
My wife and I and my parents set up an LLC for a house we purchased and rent out at the beach. We messed up and used it for more personal days than we should have this past year (won't make that mistake in 2011) so we have a mixed use property but our CPA's have fouled up our 2010 return and then redid it and messed it up even worse. I know we need to file a 1065 and K1's to all 4 partners and that we can only claim the portion of our expenses based on the rental use %...but can we only claim expenses up to the rental income we made and then carry the rest over to a future year? And how much and what types of expenses can we claim real losses on and carry over to our personal returns and would they go on schedule A or E? Thanks in advance for any guidance anyone is able to offer b/c we need all the help we can get!!!