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Updated about 1 year ago,
Converting Short-term to Long-term after cost segregation study.
I’m new to real estate and I’m looking to get started here soon, my only problem is that I’m wanting to have it help with my business taxes.
My question is: If I buy a couple house in the last couple months of the tax year, just enough time to close and get the cost segregation study done. In that case am I able to say it’s a “short-term” rental if nobody stayed in there and then convert it to “long-term” rental the following year after getting the cost segregation deduction? Or do people actually have to stay 7 days or less?