I am buying my first property to rent, and have some questions.
I see a lot of talk about LLC’s. What is the reason, and when should I set up an LLC?
I live in California, but own the property in Nevada. Where would I need to setup the LLC?
What all expenses can I deduct that are not directly tied to the rental? computer, car, travel, etc?
I have a separate checking account for my rental expenses, but it is ‘linked’ to my account to avoid fees. Since I am just starting out I transferred over some seed money, but expect the house to pay for itself.