Quite literally the reason that a lot of businesses fail within a very short time period is precisely the information that you're giving out for free! I am so grateful I landed onto your page, it was the best thing I did all throughout 2022!!! ❤️
Or get your money about 300,000 go to Dubai open a bank account buy a apartment there and put it on Airbnb and have no tax because Dubai is a no tax country,go get the bread
Yes, you can still qualify that way. Time before the house is placed in service as a rental is disregarded, it doesn't count as personal use days, it just isn't included in the calculations at all. So then you just have to have some bookings, and the average stay has to be 7 days or less. And then you do still have to log at least 500 hours of time (or 100 if no one else spends more time than you) on the property.
A rental property almost never goes on Schedule C. The only exception is if you provide "substantial services", which are hotel like services *during* the guests' stays. An LLC is never a factor in your federal taxes, a single member LLC is completely disregarded for tax purposes and doesn't change what you can deduct or how you file your taxes.
If you mean being able to deduct rental tax losses from your ordinary income, unfortunately, no. When you rent out rooms in your home, your tax losses are limited to the amount of rental income. The rental property would need to be a separate dwelling unit (with its own kitchen, etc.) to qualify.
![15 Individual Tax Strategies to Avoid W2 Taxes [100% Legal]](/img/n.gif)
Quite literally the reason that a lot of businesses fail within a very short time period is precisely the information that you're giving out for free! I am so grateful I landed onto your page, it was the best thing I did all throughout 2022!!! ❤️
One of the better videos on this, clear and informative with direct IRS language. Appreciate your effort.
It’s about time someone posted about this content
Did you enjoy it?
Yes need that Augusta rule video
Noted, thanks!
Great content. Thanks for sharing! For those of us with kids, we can employ our children to work at our AirBNB for up to 12k per year per child🙂
Thanks right! Hiring your kids is a great strategy, if the kids are between ages 7-17
Thanks 👍 4sho sounds good to me kinfolk
Augusta Loophole please. All of your videos make me become a better business man. I’ll be seeing you on the flip side soon.
Great video man💯
Very helpful info regarding airbnb property rental business write offs. Ty for the tax deduction helps.
This is great info. Thanks for sharing
Thanks for watching, Susan!
Outstanding video 😎
Thank you 💯
Very informative. Thank you!
Great video!
Thanks, Sal!
Can you do one on rental arbitrage?
Can we get more video on Airbnb hosts? Please
Augusta rule!!
Alright, I am going to do it!
Augusta loophole please
Good video Dude
Too-sawn, AZ
Add video regarding augusta loophole.
A year late but are you taking new clients and if so are you licensed in SC?
Or get your money about 300,000 go to Dubai open a bank account buy a apartment there and put it on Airbnb and have no tax because Dubai is a no tax country,go get the bread
Tuscan, Arizona?
So what if you start your short term rental business in the middle of the year from a former primary residence?
Yes, you can still qualify that way. Time before the house is placed in service as a rental is disregarded, it doesn't count as personal use days, it just isn't included in the calculations at all. So then you just have to have some bookings, and the average stay has to be 7 days or less. And then you do still have to log at least 500 hours of time (or 100 if no one else spends more time than you) on the property.
Add that Augusta loophole please
I need a great cpa, how can i get in contact with yall? I was connected to. Tax hive before
Is there a right off for paying a property manager?
Where is your practice based out of?
I’m looking for a short term rental, which city?
Do you assist individuals with taxes before starting a business with a short-term rental?
I can if someone has a solid projection of their revenues, but I bring the most value when someone actually has an active business or investment
in order to file schedule C do you need your rental property under an LLC?
A rental property almost never goes on Schedule C. The only exception is if you provide "substantial services", which are hotel like services *during* the guests' stays. An LLC is never a factor in your federal taxes, a single member LLC is completely disregarded for tax purposes and doesn't change what you can deduct or how you file your taxes.
Do these rules apply to air bnbing a room in primary residence?
If you mean being able to deduct rental tax losses from your ordinary income, unfortunately, no. When you rent out rooms in your home, your tax losses are limited to the amount of rental income. The rental property would need to be a separate dwelling unit (with its own kitchen, etc.) to qualify.
I had an issue setting up a call. What email should I send an email to?
how do I get in touch with you
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