Managing my own rentals through my property management business

Managing my own rentals through my property management business

Investor · Machiasport, ME · Member since 2015 · 2 posts · 0 votes

Hi.  I own three vacation rental properties.  This winter, I opened a property management company for vacation rentals -- currently I am managing my three plus two others.   I'm wondering how to do the accounting...  my accountant was 'vague'.   I will be paying the lodging taxes from the property management company.  But then what...  I can't 1099 myself the rental income at the end of the year.  But  it's not self employment income from my business... it's rental income.    I'm perplexed.

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  • Ormond Beach , FL · Member since 2015 · 345 posts · 223 votes
    10y

    Sounds like you need a new accountant. I'd go for the CPA type.

  • Rental Property Investor · Friday Harbor, WA · Member since 2015 · 66 posts · 30 votes
    10y

    Vacation rental income is not considered passive for tax purposes. You pay ordinary income tax/self employment tax on it.

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