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01-09-2009, 08:44 PM
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Registered User
Join Date: Jan 2009
Posts: 2
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Vacation Rental LLC Tax Question
My wife and I are considering purchasing a second home to use as a vacation rental. I recently learned that we would not be able to deduct a total loss from operating it due to our AGI being over the IRS limit. As an example... If we earn $15k in rentals and have $20k in losses, we cannot deduct the $5k net loss from our regular income because we exceed the AGI limit. We can only show a $0 net on our 1040.
Does anybody know if forming an LLC with the property would help that situation? I've heard that it might... Any help is appreciated. |
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