Questions re cost segregation study for STR

[Nicole Cotrino]

My spouse and I purchased a cabin in November 2023 as a STR and started renting it out in March of this year. I've been hearing a lot about cost segregation studies and have a few questions…

- What are some of the key factors that determine whether a cost segregation study makes sense? (I’m still trying to understand the basics!)

- We are going to start searching for a CPA with a lot of experience in STRs, but haven't found one yet. Would the best first step be to find a good STR CPA or to first focus on finding a good cost segregation firm?

- Will we substantially diminish the benefits of a cost segregation study if we don’t get it done before the end of the year?

- Any recommendations on how to vet CPAs and cost segregation firms? Or, any suggestions on specific companies to use? 

Thank you!