Quote from @Heidi Fischer: Quote from @Aaron Zimmerman: To qualify for the STR Loophole, you need the following:1.

If you're not sure what the fuss is all about, read this older post first:https://www.biggerpockets.com/forums/51/topics/1122635-the-s...Today, we're discussing a very specific question related to STRs: Can you buy an STR in December and still catch all the tax benefits of the so-called STR loophole?

For the 1 millionth time, it isn't a loophole.

Hey @Jonathan Vinas good thinking there.Just an FYI, it isn't a loophole.

So why is this called a “loophole”?

The STR Loophole (materially participate & less than 7 day rental) vs. providing substantial services.  

The Short- Term Rental Loophole Explained (biggerpockets.com)

There are some loopholes and tricks to know up front that can help avoid lost time and money.

Looking to use the short term rental loophole.If I use the short term rental loophole for my STR, I material participate and do a cost seg study.Can I take the value of the building in the first year as depreciation and write it off against my wife's income?

Depreciation can create paper losses to offset rental income or passive income, and qualifying as a Real Estate Professional (REPS) or STR loophole can allow losses to offset W-2 income.This post does not create a CPA-Client relationship.