First post on this magical board, and hoping someone can help us out.
We formed an LLC for the property we just built in 2017.
We do AirBnB and VRBO for the entire property. It has rented out for about 1/4 of 2017 starting in September.
here is the fun part;
The home was built by us and in our personal names, setting up the loan as an investment property. Once it was completed on September 1st, it started life as an AirBnB.
We are lost on where all the expenses go, being that we file the income with the State quarterly and had the home in our personal names. We clean the home, manage all bookings, provide tours and maintenance. I imagine since we provide services, this is all Schedule C… and if the IRS comes knocking, best to be Schedule C than Schedule E.
Any LLCs out there that have a property in their personal name that can help?
Thank you and sorry for any confusion.