If I were to fix up and furnish my personal residence to rent out as a mid-term rental while away for a few months at a time could I treat these expenses as a business expense? If so, is there a special way to do it and prove it to IRS?

Dear all, Hope you’re doing well. I’m looking to connect with others who own properties in St. Louis (likely LTRs) to exchange tips, contacts, tax strategies, and general best practices. If you’re interested, please drop a like and I’ll reach out via private message. Thanks!

I have a favor to ask of all of you... and if you'll do me this solid, I'll buy you a coffee. We're working on our Google reviews for my company Tax Strategy 365. If we have ever worked together in any capacity, would you do me a solid and leave an honest review? What you like, what was valuable for you, even what you didn't like! I'd greatly appreciate it! Just google "Tax Strategy 365 Reviews" and leave a review on our Google profile. Once you leave the review, screenshot it and DM it to me here in Skool and I'll send you a Starbucks gift card as a thank you 🙏

Hey everyone! 👋 Hope you're all crushing it today. I’ve been seeing a LOT of mixed info online about STR tax rules, so I figured… why not ask the real pros here (and of course @Ryan Bakke, CPA) I’ve got a few key questions: 1️⃣ 𝐖𝐡𝐞𝐧 𝐢𝐬 𝐚𝐧 𝐒𝐓𝐑 𝐨𝐟𝐟𝐢𝐜𝐢𝐚𝐥𝐥𝐲 “𝐩𝐥𝐚𝐜𝐞𝐝 𝐢𝐧 𝐬𝐞𝐫𝐯𝐢𝐜𝐞”? Is it: - when you go under contract? - at closing? - or when the listing actually goes live on Airbnb/VRBO? 2️⃣ 𝐖𝐡𝐚𝐭 𝐚𝐛𝐨𝐮𝐭 𝐫𝐞𝐧𝐨𝐬 + 𝐜𝐥𝐞𝐚𝐧𝐮𝐩 𝐛𝐞𝐟𝐨𝐫𝐞 𝐭𝐡𝐚𝐭 𝐝𝐚𝐭𝐞? From what I understand, any renovations, touch-ups, cleaning, repairs, etc. before the property is placed in service have to be capitalized rather than expensed. Is that actually correct? 3️⃣𝐇𝐨𝐰 𝐝𝐨𝐞𝐬 𝐭𝐡𝐞 𝐩𝐥𝐚𝐜𝐞𝐝-𝐢𝐧-𝐬𝐞𝐫𝐯𝐢𝐜𝐞 𝐝𝐚𝐭𝐞 𝐚𝐟𝐟𝐞𝐜𝐭 𝐦𝐚𝐭𝐞𝐫𝐢𝐚𝐥 𝐩𝐚𝐫𝐭𝐢𝐜𝐢𝐩𝐚𝐭𝐢𝐨𝐧? Specifically: Can hours spent on financing, due diligence, or acquisition count toward the 100-hour rule… even though all of that usually happens before the place-in-service date? At the end of the day, I’m trying to figure out the smartest strategy to: ✅ maximize deductions ✅ maximize hours for material participation …while getting a new STR fully Airbnb-ready. Appreciate any insights from the experts here! 🙌

Words can’t explain this call. So many value add nuggets from everyone involved. Thanks @Kevin Medina, CPA, MBA @Brian Detrick @Emily Siemers