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Updated about 2 years ago on . Most recent reply

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K Bell
  • Chicago, IL
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real estate professional status vs short term rental benefits

K Bell
  • Chicago, IL
Posted

if i cant qualify for Real estate professional status can i do short term rental status if i change my tenants leases to month to month

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Ashish Acharya
#2 Tax, SDIRAs & Cost Segregation Contributor
  • CPA, CFP®, PFS
  • Florida
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Ashish Acharya
#2 Tax, SDIRAs & Cost Segregation Contributor
  • CPA, CFP®, PFS
  • Florida
Replied

Yes, you can but changing mid-year will qualify you for the less than 7 days rule.  Make sure you manage your stay so that you meet the requirement. 

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