My wife is one of seven owners, of a their inheirited family house, that they seasonally rent. They have it titled as an LLc.
In doing our personal taxes, I am not sure if of my wife (our) tax filing status: Passive v Non-Passive.
My wife, along with her siblings, take care of all maintenace issues. They may use a RE agent to find rental clients, but the family decides whom to rent. The LLc has an annual net loss of a few thousand $.
If my wife/ Iare subject to AMT taxes, will the tax benefits of the LLc be "removed".
Thanks for any/ all advise. -dave