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Updated about 2 years ago on . Most recent reply
- Rental Property Investor
- Minneapolis MN (minneapolis, mn)
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Can I cost seg an Airbnb that closes on Dec 29?
Hello everyone. So I'm closing an STR property on Dec 29th. I know it needs to be placed into service in the year you claim accelerated depreciation.
Does that mean I need bookings 2022, or do I just need to list it in 2022.
It's currently an STR and will be all of next year. Thanks!
Most Popular Reply
#1 Tax, SDIRAs & Cost Segregation Contributor
- Tax Accountant / Enrolled Agent
- Houston, TX
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#1 Tax, SDIRAs & Cost Segregation Contributor
- Tax Accountant / Enrolled Agent
- Houston, TX
Nobody yet pointed out this critical caveat: even if the property is placed in service by 12/31, you will likely need to pass "material participation" test in order to benefit from your losses. And that means that nobody besides you can do any work related to this property this month - something very easy to trip over if you have a management company, cleaning people or contractors involved.