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Tax Strategy for Short Term Rentals
If you are a person with a larger income, getting a big tax bill can feel like you are moving backward! Unmitigated and unplanned tax liability can happen to anyone, especially when we are growing and making more money….here’s how we can help you avoid these all-to-common pitfalls:
When an investor qualifies as a Real Estate Professional (REPs) or Active Participant, the passive depreciation deductions can be used to offset ordinary income. To meet this special tax filing criteria, it takes a lot of time, tracking and effort to qualify. However, it is worth it! To reach a similar status on STR investments, it requires less time. As with REPs status, there are specific IRS guidelines here, so be sure you follow them. When you do, it allows for the passive depreciation deductions to also offset ordinary income.
This aspect seems to be a driving factor in the very active trend in the VRBO/Airbnb asset class. Plus, the ROI on an STR is much higher than a traditional rental. Regardless of property type, cost segregation and Bonus Depreciation is a key to most investors' real estate investment tax strategy. Speak to your CPA today to find out if you may qualify. |
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Cost Segregation At Work... A Few Client Success Stories |
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Cost Seg for Commercial Building Owners |
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Number of Days Until September 15th Tax Deadline |
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www.costsegamerica.com 888-865-440 [email protected]
"The information contained this newsletter is meant for guidance purposes only and does not in any way constitute legal or tax advice. Readers should seek advice from their CPA or Accountant in relation to information contained in these articles." |
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