I just learned about this. I'm assuming this is for properties that are not complete gut jobs (because it's maybe end of life span) and are just cosmetic jobs? I have a STR that I'm planning to do cosmetic rehab for, but there is certainly life left in its current state. What do I need to do to take advantage of this come tax time?

Hello group! just closed my first STR in the Poconos - very excited! And thanks to Ryan's advice, I will maximize bonus depreciation via using the best land allocation method in the cost seg (from last week's Q&A). If anyone is interested in discussing Delaware Beaches/Ocean City, Poconos, or Houston, let me know!

Hi all, I'm in contract for a property in Columbus and would like to set up a LLC because it will be a STR. Anyone have experience setting one up, or have recommendations for lawyers to help with this?

Hi team, I've been traveling from California to my out-of-state properties and am curious if any of these count towards material participation time and/or miles: 1. Driving from home to/from home airport with personal car 2. Driving from destination airport to property with rental car 3. Ubering from home airport to/from home with Uber

I'm considering entering a registered domestic partnership with my partner and want to understand potential tax implications before we do this. We live in California, which I understand is a community property state. I understand that federally, we would file as single because RDP is not recognized at that level. However, in California, it looks like we would have to file as DFP filing separately. We would like to keep things clean and file independently at the state level if possible. I read online that if we opt out of community property in a pre-nup, we can file taxes essentially as single people, without needing to split our earned assets 50/50 which seems like a headache. Is this right? I have some W-2, unemployment, and 1099 income this year. I'm also closing on 2 STRs (one of which I'm aiming to do STR loophole with) independently and understand the properties are considered my property pre-domestic partnership. Revenue from the STRs should be considered mine, separately, if we opt out of community property via pre-nup. My partner has just W-2 income. Thanks in advance for your input on this!