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Metamate- cringe max posts by this wannabe influencer
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Brother beaten severely as a kid. Doesn’t speak to dad at all now.
Is there any huge tax benefit for doing short term rental? We are noobs trying to enter and keep reading about huge tax writeoffs of bonus depreciation etc for airbnb. Howcommon it is and how much is true? Please share insights! #housing #mortgage #airbnb #tax #rental
Yes short term rentals expenses can offset w2 income
Long term can’t?
Technically yes but you have to meet requirements to be considered a qualified real estate professional, which is generally hard to do with a full time job With short term rentals I believe the average stay just needs to be under 7 days to qualify
If done correctly, accelerated depreciation can save you tons in taxes, but that's not a short term rental thing, you can do cost segregation studies on a mid to long term rental too. You may be able to save taxes on your W2 by self managing your short term rental home. However, there is documentation and rules involved. I would hire a good CPA to make sure you're in compliance with the IRS rules. Which area are you trying to invest in?
How much in tax? Is there a cap?
I’m a realtor and run my own Airbnb. If you manage the Airbnb yourself, the Airbnb can be put on Schedule C and the net loss can write off W2 income. But if your Airbnb is super profitable, and the net is positive income even with depreciation, it’s better to stay at Schedule E; otherwise you need your pay extra 15.3% self employment tax on Schedule C.
Look up airbnbust! The party seems to be over!
Isnt it until 2027 ?