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Updated 7 months ago,
Filing for the STR Loophole
Hello, a lot has been written about the "STR Loophole". My situation is that my STR averages less than 7 days, I have material non-passive participation, so that I qualify for the "loophole". I do not provide substantial services. So I should file it under the Schedule E.
But my question is, how do I actually file it on the schedule E? I've been using freetaxusa and turbotax and neither software has the option on t he Schedule to file it in a way that enacts the STR Loophole and allows the loss to be offset against my W2 income. So wondering if anyone has been able to successfully file it in Freetaxusa/Turbotax, or is this something that cant be done through a software and we need specialized CPA to file it for us? Thanks!