All Forum Posts by: Heidi Fischer

2024 bonus depreciation is 60% and goes down to 40% in 2025. While it's not impossible to close in mid December and still meet all requirements of the STR loophole, it will be extremely difficult due to the nature of hitting 150 hours, having it rented for 15 days or greater and having the avg stay be no greater than 7 days and not a decimal more. I am not familiar with Las Vegas rules but most platforms won't let you apply for a permit unless you are on the title of the property, then you will need to furnish the property after closing unless you are purchasing a property that comes furnished. You mentioned closing mid to end of Dec, you would have to close on the 14th or 15th, furnish in 1 day, have it listed and booked 5rough Dec 31st. AND have provided the 150 hrs of material participation and not have had any other person perform longer work hours than you. Once again not impossible, but very VERY close to impossible. Sorry if this isn't the information you were wanting but get with your cpa and they'll advise you on the same. Smarter strategy would be to secure the property and start in 2025. Yes it'll come at a 20% less on the bonus depreciation but it's better than stressing yourself out trying to meet all requirement in 2024 just to be disappointed and have to do it in 2025 anyway. Hope this helps a and best of luck

Totally agree-it may be MORE THAN super tight. I have to close, apply for a conditional use verification, get inspection ( requiring wired smoke detectors, other safety features) and get a business license. Likely this will take 30 days. But is it possible in that process to account for the 100hrs (I thought it was 100hrs or is it 150 hrs?) plus have 2 bookings of 2 days each. I was thinking for “promotional purposes “ to have Airbnb influencers stay to do some videos. But honestly, there are multiple (mostly all) operating illegally. Would the IRS know if I rented it out before getting a license-I’m thinking no. 
Is it for sure that none of the prep work leading up to purchase plus prep would not count toward 100-150hrs. Lol I feel even this post is part of the research ! Thank you kindly -if the 40% works out I’m ok with that too!

Best wishes to all!

@Heidi Fischer

Great questions for a CPA that knows more details of your specific situation. I have a few CPA suggestions for you. They are in the Reno, NV area and experienced with real estate investors. I'll send you a DM.

Thank you 😊🙏🏼

When you said Las Vegas did you mean North Las Vegas or some other suburb? Or are you planning to rent out rooms? I’m pretty sure In Las Vegas proper you’ll need a license (which you probably won’t get by year end.)  AND you’ll need to be living in the home as your primary residence WHILE it’s rented out. 

Found the rules: 3 bedroom or less, 600 feet from other strs, 2500 feet from hotels. So you must buy 3 bedroom or less and you can only rent out 2 of them. 

https://files.lasvegasnevada.gov/business-licensing/Short-Te...