All Forum Posts by: Gini Dutt-Roye

A CPA mentioned that loss limitation allows individuals with income <100,000 can offset 25,000 from their income, but individuals or couples whose income> 100,000 can’t offset their income. I have listened to several podcasts that state that using material participation- working 100 hours for the Airbnb and working greater than 100 hours can allow for tax deduction.

Can someone help clarify. Thank you.

1 Vote

Thank you for the explanation.

Quote from @Rod Hanks:

Texas has one of the highest insurance rates in the country and Houston and Dallas has the highest rates in Texas. Houston has hurricanes floods and wild fires which accounts for the rate. 5k is a good rate for a STR if it's it State Farm. Sorry for the sticker shock.

I have another National carrier that may beat State Farm but pretty sure not by much. PM if you would like a quote.

0 Votes

Quote from @Michael Baum:

Give Proper a call. See what they have for you. It is usually more expensive that Foremost so I am not optimistic, but worth a shot.

You should ask them why it is so high. I thought you might be in a high fire danger area, but maybe it's crime? No idea really.

I will give them a call. I’m not sure why the premium is so high. It’s a nice area.

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Quote from @Bruce Woodruff:

Wow! Why is it so high in your area? Keep checking.....or just factor it into your prices....

I honestly don’t know the reason. I know that auto insurance premiums are more expensive as well here in Texas.

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Quote from @Bruce Woodruff:

Ask your regular Home Insurance companies, like State Farm etc.... Some of them now have coverage specifically for STRs, although others don't.

My STRs are covered with State Farm for about $100 mo each. Not basic coverage either, good coverage......

Those rates you quoted are outrageous. Don't know why but maybe because they are smaller and newer companies? The older, more established companies have a much huger base to lean on for payouts....

State Farm is our regular carrier and they quoted >5000 dollars annually.

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Quote from @Brandon Plombon:

Where is your property located? How much is the property valued at? Hard to tell solely based on price and limited details of the property. Yes - It seems high but depends on the coverage levels and market, it could be market rates.

Home is located with Houston with a value of approximately 380,000-400,000.

Dwelling coverage-460,000

Personal liability- 1,000,000

Personal property1 15,000

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I understand that short term rental insurance is expensive, but I received 2 quotes, one from our regular insurance company being about 5000 dollars and other from Foremost being about >$10,000. I literally have sticker shock.

I read that Foremost offers reasonable rates, but this is not reasonable. Has anyone worked with Foremost and what is your experience with pricing and service quality. Thank you.

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Quote from @Megan Templeton:

@Gini Dutt-Roye

Try to check Royal Legal Solutions they're a great resource for what you are looking for. They are a one stop shop operating in all 50 states have attorneys and CPAs on staff to assist with entity structuring, business planning, and tax planning.

Thanks,

-Megan

Thank you Megan! I will look into it.

0 Votes

Houston, Texas

All Forum Posts by: Gini Dutt-Roye

Gini Dutt-Roye has started 5 posts and replied 18 times.

Post: Short term rental insurance

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Post: Material participation and loss limitation

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Post: Converting LTR to a STR