LLC for my own house

[Landy18]

Hi Guys, I started hosting a few months ago. I'm thinking of creating an LLC for my Airbnb, but I have a few doubts.

First, my Airbnb is an addition to the house that I currently live in, and I'm not sure if this will protect my house if I rent out that space to my LLC for Airbnb.

Also, Can I set my house expenses for tax savings like maintenance or equipment? Will this give any savings for Airbnb profits? for example, I bought a portable generator for over $1000 after a guest that's staying to be close to the hospital just had surgery and needed the power to preserve her food and medications after a hurricane here in Florida. I wonder if I can set that expense for an LLC and save on taxes.

[Lorna170]

@Landy18  You need to talk to a tax professional. 

[Renee291]

I agree with @Lorna170. However, generally, I believe a business expense is a business expense whether you are doing business as a sole proprietor or as a member of an LLC. Your local bar association should have a free lawyer referral service that can give you names of business tax attorneys. I consult with both a CPA and a business attorney on my business matters. 

[Ben-and-Sam0]

It's likely that the LLC would not offer liability protection in your situation, since the rental is part of your primary residence and there's not a clear separation of personal and business assets. The veil is easily pierced - not worth the trouble.

Repairs, supplies, and equipment directly related to the rental space are all business expenses which should be reported on your Schedule E. I would talk to a tax professional about the generator, since it benefits the entire property and not just the Airbnb.