All Forum Posts by: John Carbone

The only way you will get any work done right now in Gatlinburg is if the contractor can take your head off. 

Short-Term rentals are treated differently than traditional rental property. If you materially participate in a short-term rental you can take losses even if you aren't considered a real estate professional as long as you materially participate which there are many ways to satisfy this requirement. This is a great strategy for high income earners as they can purchase a short-term rental get a cost segregation and slam a huge loss through to offset current years income. 

The tax implications in the future will be this: less depreciation after year one (not by much as transient property is depreciated over 39 years not 27.5) and if you ever sell the property you will have significantly more depreciation to recapture. 

For what it is worth I had a client cost seg their AirBnB in Gaitlinburg and it reduced their taxes owed by 26K. It is a good tax savings strategy especially if you are a firm believer in money now is worth more than money later.

@Conner Olsen

Why won't you have a hot tub on a well? We had a hot tub and a pool on a well in my primary residence without problems. What crisis was I lucky enough to miss?

@Conner Olsen look at other clamping sites (eg, Under Canvas) to see what they provide. Go visit some and stay in them too. See what you like and don’t like, read reviews, etc