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Updated 7 months ago,
Request advice on short term rentals
I have been an landlord for 6 years and own 6 properties. All of my tenants are long term tenants and my property is managed by a property management company. So all the rental income is passive for tax purposes.
I also make W2 income. I would like to purchase short term rentals and be able to qualify as a real estate professional and deduct against by active income taxes. I am thinking of purchasing an airbnb/vrbo property and have several questions.
1. Can I hire a property management company to run my airbnb or can I at least hire a company for cleaning and maintaining?
2. How do I show that I have worked for at least 100 hours per year to qualify as real estate professional?
3. Where can I learn more about this topics on saving taxes using short term rentals?
Thank you,
Brad