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Updated 4 months ago,
Cost Segregation for STR properties acquired in 2018, 2021, and 2022?
I have three STR properties that my wife and I have self-managed but from a tax perspective we've only taken the normal depreciation the last few tax years. However I am wondering if I can do cost segregation for all these properties for 2023 taxes since I owe quite a bit of taxes due to high W2 income. I also do not expect high W2 income for 2024 and beyond, so 2023 might be the best year to do this for the best tax savings. I did look at some of the material participation criteria and we should easily surpass the requirements since we pretty much spent time improving the home ourselves, managed all guest communication, etc.
Thoughts?