Short-Term & Vacation Rental Discussions
Market News & Data
General Info
Real Estate Strategies
Short-Term & Vacation Rental Discussions
presented by
Landlording & Rental Properties
Real Estate Professionals
Financial, Tax, & Legal
Tax, SDIRAs & Cost Segregation
presented by
1031 Exchanges
presented by
Real Estate Classifieds
Reviews & Feedback
Updated over 2 years ago,
Purchasing Short Term Rental to offset W2 income advice (TX)
Hi folks,
I'm looking for ways to offset the taxes that I will owe on W2 income. I came across the short term rental designation that allows for asset depreciation to offset W2 income. This combined with the 100% bonus depreciation for 2022. I want to reach out to a CPA to see if this is something I could realistically pursue before EOY this year. Anyone here have a CPA in Texas who has helped others work through this? I'm okay with running a STR and the work involved I just don't want to screw up. The questions I have are how much this would reduce my AGI, if this is the right strategy for my situation and if I have enough time to pursue this before the end of the year or not?
Thanks!