yes, TOTV has good answers, and depends upon your level of understanding of financial statements. First, if the house is exclusively for rental, then using a commercial mortgage, a commercial insurance policy and an LLC is the best way to file as a commercial entity and then post tax loss carryforwards.
Second, no one is watching you as far as personal days in the house. However, if you have any sort of insurance claim while using it personally, then you are opening up yourself to fraud claims.
We have our rental house in an LLC, commercial mortgage, commercial insurance and filing a partnership using Turbo Tax Business, not the same as home and business. Had to use it to file my dad's 1041 estate trusts every year since 2015. . distributions to my mom using K1s, same as LLC partnership to our income taxes.
but its not complicated, just do it in turbo tax business and then take it to a CPA and have him/her review it. . . instead of do it.
finance and tax guy.
I can give you a number to call on the air of a CPA who will answer your questions live on the air.
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