STR house hack tax advantages

[Perrin Hickey]

Hi all! Newbie here and appreciate all of your expertise in this community. We are looking to rent (either STR or MTR) the lower level of our house. I will discuss this with our CPA as well, but wanted your input on tax advantages of this strategy. Is it based on occupancy v square footage of the home v other parameters? Thank you!

[Grant Shipman]

Quote from @Brian Bohrer:

Hey @Grant Shipman,

Did you have to have a cost segregation report done to take advantage of this? I am currently getting ready to start STR'ing our lower level and want to be sure I can take as much tax advantages as I can!

Thanks in advance for any input you can provide.  Take Care,

Oh cool I'm glad you're aware of a cost seg and keeping it on the table. So far a cost seg hasn't made sense for our situation, so I haven't done it.  We keep checking each year though, as it can be a big help.  My only encouragement on this is to NOT settle for a CPA that discourages them b/c they don't understand them. Get a CPA that loves them and can do them well- most likely they may want to include a 3rd party professional to make it audit proof in the future.