Are there any gotcha's I should be aware of? I am DIY installing a mini-split in our garage game room conversion that costs about $2400 and want to expense the entire purchase. 'Essentially, this IRS provision allows you to immediately deduct (expense) the full cost of tangible property or repairs up to $2,500 per item, rather than depreciating those costs over several years as capital expenses. For an STR owner, this is incredibly useful when furnishing a new property or performing upgrades. Instead of "recovering" the cost of a $2,000 sofa over five or seven years, you take the full $2,000 hit against your income in Year 1. This lowers your taxable income right away, keeping more cash in your pocket for the next project. To leverage this, you must have an accounting policy in place at the beginning of the year stating you expense items under this threshold and formally "elect" the safe harbor on your tax return."

I'm happy to have joined this community. STR owner. I love to learn & I'm interested in max tax savings so I can use the funds towards another investmentproperty!

Hey everyone, I am looking to do a cost seg study for my 2025 tax filings and have had conversations with 3 companies: Seneca Cost Segregation, R.E Cost Seg and Remote Cost Seg. Does anyone have experience with any of these companies and/or is there any other ones I should check out before making my decision. Looking to make a decision in the next week or so to ensure my report comes back in time for an April 15th filing

If you're looking for accounting software, check out REI Hub. I recently started using it, and I love it so far! I've always been good at keeping receipts/ invoices, but was never sure I was catagorizing my expenses correctly and saving my scanned documents in the most efficient way. REI Hub has taken all the guesswork out of the equation. You connect it to your bank account and the credits & debits automatically transfer into the Hub. There you can assign the transaction to the appropiate catagory and then upload your receipt/invoice to that specific transaction. It's giving me a clear picture of my STR financials and make tax time suck just a little bit less this year. Please like and comment as I need to get to level 3. 😀

Happy New Year! I'm relatively new to the group and looking to climb up from rock-bottom (in this group). My husband, Trevor & I together have 4 STRs, currently building another, and looking to invest in a couple more in 2026. We need tax savings tips to keep money in our pockets rather than giving it to Uncle Sam to blow. That money will allow us to build our portfolio stronger. I'm also looking for bookkeeping tips. I'm not a numbers person, but feel like my recordkeeping & organizational skills are there so that I can do it with a little direction. (I get started and then start questing whether I'm tracking and categorizing all the right things.) Any tips or recommendations would very much be appreciated. If you don't have anything to add, a like would be much appreciated so that I can climb up from rock-bottom. Thanks!