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B&B vs. Rental propertyFebruary 19, 2009 by I am looking at purchasing a house to convert into a weekend scrapbook retreat. I am trying to determine whether I can rent it as rental property or if I have to set up business as a B&B. Do you have any suggested reading or websites to help me decide?? Or any advice on where to go to find out local regulations? I am in Denton County in Texas. |
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Patricia, your local zoning laws will somewhat determine the answer to your questions, your accountant/tax person will determine the rest. It seems to me, as neither an attorney, accountant or zoning official that if you plan to treat this as a business you should treat it that way from the beginning.
If this is just a fun hobby for you, and there are no business advantages to you, that's a different issue.
So check the county or city zoning and planning office to find out what their rules are for the type of adventure you are starting. When you get a handle on that check with your CPA or tax attorney.
Good luck!
Posted by: Kit Cassingham | February 20, 2009 10:13 AM