@Ryan Bakke, CPA I guess I was referring to the annual report, registered agent, and all those extra steps, but you are right though is not significantly different in terms of keeping clean books and tax filing

@Ryan Bakke, CPA Great point. What about if I’m also taking a home office deduction and setting my house basement and primary place of business for the LLC running the rental. Would this make the travel time from business to business and valid to be accounted for?

@Ryan Bakke, CPA great point, I wasn’t aware of this.

@Rachel A well that’s a great thing to stumble upon I guess 🤣… I wonder if from the rehab itself if you guys kept receipts of all the materials etc those can probably be categorized below the 15Y mark which makes them elegible for accelerated depreciation (100%), but I guess your CPA will know better… Also I’m curious you mentioned being on the fence regarding cost seg but 100% sure on the STR loophole. Do you see any scenario where the STR loophole help you on taxes without doing a cost seg?

@Rachel A my apologies if I didn’t express myself correctly but I didn’t meant to say you need the cost seg for the STR loophole, but what I wonder is that after you get material participation and under 7 days average stays, what are you planning to deduct from your property? The regular depreciation is on 39 years instead of 27.5 so that won’t be much and now your property income gets added to your w2. Perhaps I’m failing to see what’s the tax savings you are after if the cost seg is not conducted, but I’m positive @Ryan Bakke, CPA or your current CPA can give you the right strategy that I’m perhaps missing :)… Never the less, your property looks awesome! Contracts

@Ryan Bakke, CPA May I ask why before? (Trying to learn here, not challenging it at all). Wouldn’t this force the renovation to be capitalized as 27.5 or 39 years? Or the trick here is to itemize the materials for the renovation (carpet, wood, sinks, etc) and bonus depreciate them?

@Ryan Bakke, CPA thank you sir! Watching the video now. Don’t know where I read that my hours start counting only after placing it in service and everything before that didn’t count. I probably got it all wrong…