Hi everyone!
Hope everyone is enjoying their new year. My wife and I are close to closing on our first STR property in Saint Augustine, FL. I have listened to numerous podcasts about being able to prove material participation to use the depreciation of our rental towards our personal taxes. I have a few questions for anyone that might know the answer to any of them:
1) I know you can't use the time spent locating the property towards material participation, but when does that clock start? Can I start counting the hours when we close or even before then?
2) If I am putting this house under an LLC for liability purposes, can I still use the depreciation from a rental under an LLC towards my/my wife's personal taxes?
3) For anyone that has done a cost segregation - how much do they typically cost and would I find someone to do that with a quick google search or is there a better way to find a reputable person to execute the cost seg.?
Thanks in advance for all your help!
Sammy