Every expense you have put into this home if it is going to be a business/rental property you have to make a decision on. The decision is are you going to claim them as an expense for the year or are you going to set up a depreciation schedule? Going into this process is where you need professional help. You start doing this yourself and you can get red flags up quickly if your not careful. Every year you have to explain what you are doing and why. The IRS loves to scrutinize rental properties.
Another thing that many folks do not realize that have rentals here in TV is that you need to collect the hotel tax. Any longer term rental over 6 months and a day then you do not need to collect this tax.
We have had rental property in TV for a few years now. Do yourself a favor once you are truly set up as a rental home, get a CPA.
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