Property turned into Short term rental

[Maged Habib]

Hey All - I have 2nd home in Florida going to convert it into an airbnb. Even though it's in my personal name and not under an LLC can I still get the benefits o write-offs etc as I start to make upgrades and by new furtinture ? I have a decent mortgage rate on it so don't want to make any change that would affect that but also trying to figure out If I can get all the benefits of running it as a business?

Thanks

Mags

[Andrew Freed]

@Maged Habib - I have a ton of properties in my personal name that I utilize for investments and obtain all the benefits associated with it including write offs and utilizing cost segregation studies. I'm in the long term rental / multifamily space, however I can't imagine its different. I was also like to add that you might want to consider utilizing the short term rental looppole to gain even more tax benefits. Google it but essentially you can have all of the losses from the Airbnbn get written off directly against your active income, aka your W2. A ton of doctors and high earning professionals use this strategy to reduce their tax burden.