View report*This link comes directly from our calculators, based on information input by the member who posted.

HiI have W2 income and short term rental income reported on Schedule E.

I haven't heard anything about it among my clients but will ask around and report back.

View report*This link comes directly from our calculators, based on information input by the member who posted.I’m analyzing this a few ways, but I need to start with the renovation budget.

Your options are either: work with a good pro from the jump, or spend enough time to fully understand REI tax reporting.

For IRS tax reporting purposes I agree it is cash accounting. 

We provide a full report with pictures to our owners.

For screening, it does cost $55 (tenant pays) for the whole nine...i.e background check, eviction history, credit report, etc. 

If your LLC is a single-member LLC, then it will be disregarded for tax purposes, and you will report your rental activity on Schedule E and your real estate agency on Schedule C of your personal tax return. 

For reporting purposes, I think this will inflate both my income and expenses.