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Updated about 2 years ago,
Tax benefits for newbies - wait to close on STR until 2023?
We are new investors and looking to put an offer down on our first property in the next week as a STR. My question is for tax purposes, are we hurting ourselves in terms of the qualification of materially participating and maximizing tax deductions on our W2s by purchasing so late in the year? With the holidays coming up and a current owner that doesn't want to leave until 12/17, we will likely NOT be set up on Airbnb w/ guests in 2022. Should we wait until 2023 to close on the house or are there still tax benefits to closing in 2022? Thanks in advance!