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Updated over 2 years ago on . Most recent reply

User Stats

10
Posts
7
Votes
Sarah Parker
7
Votes |
10
Posts

Looking for a good CPA who specializes in owner occupied.

Sarah Parker
Posted

Hi everyone,

My husband and I just bought a house. We are living in it now as we remodel it and get it in good shape to use as a short term rental. We are doing most of the labor ourselves in the evenings after our W-2 jobs. We plan on moving out in 6-8 months after buying a second home and turning the one we are in now into a full STR. We have realized we need a good CPA at this point to make sure we are doing everything we can to get the max tax deductions possible. The home won't be ready to rent for another month and we are paying out of pocket for all the materials for the remodel right now. We are confused as to what we can deduct since we are currently living in the home as we do the remodel. Is there a better way to get the house ready from a tax perspective? Does living in it while fixing it up hurt our ability to deduct the remodel expenses?

Any good CPA recommendations for our specific situation?


Thanks!

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