STR Tax strategies for Primary Residences

[Ashley James]

Hello all, we are very green in understanding tax strategies for STRs and we're trying to understand how/what STR tax deductions can be captured for primary residences.

Below I have posed a scenario to use as an example. Can you all provide your thoughts?

Scenario: If one is to buy a new home to use as a primary residence ( till say Jan 1 2025), fix it up and get it ready for STR use starting Jan 2025 while STRing the initial primary until Jan 1, 2025, then move back to the initial primary and fulltime STR the new property.. Can one take advantage of the tax deductions associated with rehab, appliances, furnishings, STR set up costs, etc) that were required to get the new property STR ready in Tax year 2025? Can one take depreciation from the income generated from the inirtial primary in tax year 2024?

[Basit Siddiqi]

Your post is too hard to comprehend.

You are better off saying Property ABC and Property DEF to distinguish your properties.