All Forum Posts by: Christanne Wright

STR is for Short-Term Rentals. These are listed on Airbnb or VRBO or other sites. Gives vacationers a better option than a hotel. Could be a great investment since the cash generated is higher than a long-term rental.

@Natalie Kolodij I just downloaded IRS p5653, IRS Cost Segregation Audit Technique from the IRS website and it shows they are taking an interest in ensuring these cost segregation studies are legitimate. They are also ensuring the staff is fully trained on how to disallow cost segregation for those that haven't been careful and conservative in their analysis. I believe we will see an uptick in audits in the near future.

Working with STR owners has taught me that you need to have a discussion with a Tax Strategist or your CPA to see if there are any opportunities that you can take advantage of. You'll likely want to reduce your taxable income as your property gets higher traffic. The investment is worth it as your income grows.

Hi Todd,

Most CPA's are swamped right now with tomorrow's personal tax filing deadline for clients on extension. May I ask why you want a CPA? I am an EA, Enrolled Agent that is licensed to work in all 50 states. Most Enrolled Agents can assist you with the tax situation you described above. If you want someone close to home, then look in SC. If you are open to virtual then you can look in IL or across the country.

Hope this helps.

Best regards,

Christanne Wright, EA

So sorry about that experience! It should never be that way with a professional provider. My firm has always gotten to know your needs first. We answer any questions you may have so you can make an informed decision on whether to work with us.

Again, my apologies for the bad experience you had! It gives the profession a bad reputation.