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Hi. I've bought a house in California which I use for approx 90 days/ year and now want to rent it out as vacation rentals/ ski lease when I"m not there
Didn't realise taxation would be so complicated. Does anyone know the best way to set this up . Have been told to avoid paying straight 30% tax as a non resident , to have this as "related business activities" or LLC .
Seems it also has implications for resale and any capital gains.
Anyone have any advice how to best set this up for renting.The rents will only be around 12,ooo$ / year - not even sure with if the costs/ tax will be worth it.
Thanks
Didn't realise taxation would be so complicated. Does anyone know the best way to set this up . Have been told to avoid paying straight 30% tax as a non resident , to have this as "related business activities" or LLC .
Seems it also has implications for resale and any capital gains.
Anyone have any advice how to best set this up for renting.The rents will only be around 12,ooo$ / year - not even sure with if the costs/ tax will be worth it.
Thanks