LLC for short term rental?

[Allison Lichter]

I'm about to close on a vacation home that I plan to rent short term. I've read so many different things on LLC's vs just having an umbrella policy, so I'm unsure where to go. Our CPA said that because of our income, there will basically be no tax benefits if we rent it out (like writing off taxes, insurance, supplies) and could end up owing, so we figured we would just rent it enough to cover costs. If the home were in an LLC, would we be ankle yo skirt around that and have the write offs?

[Luke Carl]

If you have to ask you probably don’t need one. Unless you’re paying cash. If you’re about to close you’re probably too late anyway. Umbrella insurance is good!