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Updated 11 months ago,
STR taxes with material participation on a previous primary residence
I converted my primary residence to an STR around June after living in it for a year. The title and mortgage are still in my name and not transferred to my LLC. I meet all the criteria for material participation and average stay under 7 days so I would be looking at a nice tax deduction against my W2 income. I'm curious if my living in the house before converting it is going to prevent me from leveraging this tax strategy. I know you're not supposed to use the property for more than 14 days for personal use, but how does that work when the property was converted to a rental mid year?
Thanks in advance for any insight!