Choose the Right Ownership Structure when Buying a Vacation Home

June 23, 2025

Tax Tip:

If you’re considering buying a vacation home, it’s critical to choose the right ownership structure. Your choices include a corporation, a trust, tenants in common or a limited liability company (LLC). While each structure has pros and cons, an LLC can be highly beneficial.

For example, using an LLC structure can limit (subject to certain exceptions) family members’ exposure to personal liability lawsuits associated with the property. This is especially important if you plan to rent the home when the family isn’t using it.

In addition, choosing an LLC structure for a vacation home can help simplify recordkeeping. The LLC is its own separate entity. So, all the operating funds for the home could be held in one account, making it easy to allocate the income and expenses between the LLC members.

< Older Post

Newer Post >

This material is generic in nature. Before relying on the material in any important matter, users should note date of publication and carefully evaluate its accuracy, currency, completeness, and relevance for their purposes, and should obtain any appropriate professional advice relevant to their particular circumstances.

FinCEN Permanently Ends Beneficial Ownership Reporting Requirements

By Meyers Brothers Kalicka • August 20, 2026

As of August 11, 2026 the U.S. Department of the Treasury’s Financial Crimes Enforcement Network (FinCEN) issued a final rule that permanently removes the requirement for U.S. companies and U.S. persons to report beneficial ownership information to FinCEN under the Corporate Transparency Act.

Lost Your Tax-Exempt Status?

By Meyers Brothers Kalicka • August 18, 2026

Most nonprofits that lose their exempt status do so because they fail to file Form 990s for three consecutive years. Automatic revocations are common, particularly with newer nonprofits. Fortunately, it’s possible to regain a tax-exempt status.