All Forum Posts by: Account Closed

I heard that short term loophole is a one time benefit that you get the year you start service. The following year would be considered passive, so even if you materially participated, it would still be passive the following year and you cannot offset your W2.

Is this accurate? Maybe I took this out of context. Can someone explain further? 

Does STR income after the first year become passive income?

Hi, I'm considering converting 1 unit of my duplex in to a STR. I currently live in the unit that I will be converting into a STR. I'll be moving into the other unit.

1. Do I need an LLC in order to claim tax benefits for STR?

2. Can I create an LLC just for running the Biz/managing aspect, but not transfer my property into the LLC?

3. How does moving my property to LLC affect how I can get HELOC, refinancing, selling the house?

4. I don't plan on expanding my portfolio, is it even worth getting an LLC?

5. Since I am converting my Primary Residences into a STR MID-YEAR, does that go beyond the personal use days or does it start counting after STR service starts?

6. I'll incur start up cost setting up my STR; like furnishing my STR. Can I claim these expenses as deductions for my STR?

Are there any companies that can help set up LLC and does accounting for STR?