Hi Mat and Mark! Long-time listener/subscriber, and overall a big fan of your show! Writing because my husband and I have a duplex that we rent, where (thanks to your guidance on this topic) our kids do the raking and shoveling in order to justify their contributions into Roth IRAs.
My husband is a high school teacher, and we are hoping to take some time off this summer to visit some National Parks. I understand from listening to your content that we might be able to write this off as a family board meeting; however, this rental is not a “business” as such. That is to say, we both have FT jobs, such that neither is a Real Estate Professional.
My questions are: (1) Can we still write off our trip? If so, approx. what percentage? For what it’s worth, we will probably spend about $10k.
(2) What steps are required in order to justify this this? I assume that we need to establish and LLC, put the deed to the property and the mortgage in the name of the LLC, and list all family members (including minors) as members; however, are there other “must-do” steps that I am missing?
Thanks so much to both of you!