All Forum Posts by: Greg O'Brien

@Patrick McMaster see previous threads. STR tax rules are not the same as LTR. It is also not ordinary income subject to FICA unless you cross the thresholds in IRC 1402. Id direct your cpa to the Dec 21 IRS memo on this issue.

You can have great wins properly executing a strategy around STRs.

@Amby Bhagtani see here for STR info!

https://www.biggerpockets.com/topics/1056436

@Clinton Keilman maybe in 2023, but not for 2022.

@Jon Abbott here is a full thread on STR Tax:

https://www.biggerpockets.com/topics/1056436

@Tony Mayo these would be Passive Activity Losses and yes you can

@Anna Batchelor your mortgage interest, not your total mortgage payment

@Sammy Lyon theres really only 5/50 states with non IRC conformity (CA MA AZ MN VA). Most mid sized firms service clients in all states.

@Pradeep Bhatia contact a tax resolution pro or tax attorney. You mentioned you are out of the US so you may need help to abate potential penalties

@Aaron B. Thanks! Big 4 does a great job publishing articles.

This appears 6 years old though and Pre TCJA. At first glance, Id be cautious with the depreciation guidance as it applies to STRs (within the definition). Most are 39 yr and not 27.5 yr assets. Depreciation section seems geared towards traditional rentals vs true <7 day STRs

@Edward Kanive it would be difficult to achieve REPS based on your fact pattern but Id run by your tax advisor for a detailed analysis on it