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Ok if you have 10 acres attached to the where you reside and want to add a tiny home or allow some kind of camping; should you start an LLC? If yes, how do you do this? What are the tax implications? Are our personal taxes then rolled into that LLC? Also any advice on how to help fund the creation building the physical infrastructure needed for support something like this.
yes you want insurance. likely umbrella policy for liability coverage.
LLCs are not required, but can provide some legal protections from liability.
if you create an S corp, you can pass through the income from the rental to your personal taxes. as a C corp, you’d have to pay corporate taxes and personal income taxes. S Corps allow for the avoidance of this double taxation for small businesses.
Generally, if you have large enough plots of land, you can build what you want. But you’ll need to check for zoning implications that may restrict your ability to building MFH on a SFH zoned lot, despite having 10 acres.
I am neither a tax attorney nor a personal attorney and I am decidedly not your attorney. This is not legal nor tax advice.