Tax tips for first STR property?

[Robyn Joy]

Hello all!

Going to meet our tax guy soon and wondering if there's any tips or need-to-know info regarding filing after purchasing our first STR cabin. We did cosmetic renovations and of course had to furnish it since it's a STR and I'm just feeling unsure about what to expect for right offs, etc, going into it.

Thanks from this investor newbie!

[Dmitriy Fomichenko]

@Robyn Joy

Income from short term rentals is usually considered business income and subject to self-employment taxes. As your income starts to grow so will your tax liability, great way to offset that would be self-directed Solo 401k plan, which will enable to you shelter up to $58K annually.