All Forum Posts by: John Duston

I'd avoid the liability of offering the seller any tax advice.

The bonus deprecation doesn't apply to land or building but can be taken against shorter-life items. That would include furnishings, land improvements, appliances, etc.

Any ordinary and necessary expenses.

@Joshuam R.

Quick books xero or excel

Stesssa is good for property management

@Dmitriy Koval

It's pretty easy to set it up on a schedule C and take a loss against your W2 income but the issue is that a short term rental could be making money and having the opposite problem of adding income.

@Perrin Hickey

Which states are you in?

Hi Adam,

I think you are going to have to talk to local investors on that one. Bit of a niche area for most of us to know other CPAs there.

I know one in Santa Barbara and another in LA if you still want a referral.

@Robert T.

I'm in CA which It's also a community for every state and we can have a wife and husband be members of an LLC and not have to file a partnership tax return. Far easier and less accounting fees

@Nathan Gesner

Congratulations. The posts really do pile up fast