Granbury, the Hood County seat just south of Parker County, draws visitors to Lake Granbury and its historic square, and many local owners rent out a lake house, a guest cottage, or a long-term rental. Longino CPA Firm, PLLC helps Granbury property owners report rental income correctly and claim every deduction they are entitled to, along with individual and business returns.
Tax help for Granbury rental property owners
- Long-term rentals: reporting rent, repairs, and expenses on Schedule E
- Short-term and vacation rentals: how the IRS treats a lake house rented by the night or week
- Personal use: dividing expenses when you also use the property yourself
- Depreciation: deducting the cost of the building, furniture, and improvements over time
- Selling a rental: planning for capital gains and depreciation recapture
Returns with rental properties fall under our Complex plan. See our pricing and full list of tax services.
Frequently asked questions
Is rental income from my lake house taxable if I only rent it a few times?
If you rent out a home you also use personally for 14 days or fewer during the year, that rental income is generally not taxable and you do not deduct rental expenses. Rent it longer and different rules apply.
Is a short-term rental taxed differently from a long-term rental?
It can be. When the average guest stay is seven days or less, the IRS generally does not treat it as a rental activity under the passive loss rules, which changes how losses can be used. The level of services you provide also matters, so we review how your property operates.
Do I owe hotel tax on a short-term rental?
Texas hotel occupancy tax generally applies to stays of fewer than 30 consecutive days, including short-term rentals, and local taxes may apply as well. Some booking platforms collect part of it for you, so it is worth confirming what is covered.
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