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Updated over 1 year ago, 07/22/2023
Maximizing W2 Tax Deductions - Quit second job or keep working 2 jobs or STR?
I have two W2 jobs. W2 income is total ~300k/year. I already co-owning a duplex, but the VA loan is under my friend's name, so I don't think I can quite deduct that yet; I have helped with furnishing / renovating one side of it for an MTR, which has taken ~15 hours/week. We are planning on converting it into an investment property next year since that's the earliest we could do it.
That said, I'm debating on what to do as my "first" real estate investment to maximize my yearly W2 tax deductions. Have around 90k cash and 90k in stock. Possible strategies:
1. Quit 1 job, get 1-2 investment properties in Sacramento, cost-seg them, and attempt to claim REPS (may be too late for this year as I just started halfway)? .
2. Keep working 2 jobs, get STR in San Diego, cost-seg it, and use STR loophole.
3. Quit 1 job, get STR in San Diego, cost-seg it, and use STR loophole.