But there is no black and white guidance that I could find.And, in conclusion...1st conclusion: no FICA until the child's 18th birthday.2nd conclusion: tax law is muddy (I would add two capital letters, but it's a family-friendly forum)3rd conclusion: pay your CPA, we have to deal with it daily, and it takes skill

There are accountants who say that applies to the opportunity to discount sale and/or basis shift to further lower the tax bill.  

For my short term rentals I am really going to focus on adding improvements that will increase my daily rate and guest experience.

At death, the property gets a stepped up basis.  

I've only been selling out here for 5 years now,but I'm finding amazing properties and equity daily.

I'm in South Loop near the Loop, lake, Grant Park, CTA, and a variety of hospitals / schools, so renting out the room on a mid-term basis (32+ days) for a premium was the best strategy for me.

Your cost basis would be ALMOST zero if you ever sold.

If that's the case, you should be able to rate/term refinance at ~75% LTV with a DSCR loan, and with some interest-only basis, your payment will go to ~$850 (based on ROUGH pricing TODAY).

The IRS defines a “quality” cost segregation study as “a study that is both accurate and well documented with regard to” 1) the classification of property into classes, 2) Explanation of rationale for the classification of the property and 3) substantiation of the cost basis of each asset and reconciliation of the total allocated costs to total actual costs.

Either myself or project manager wen I don't have time, because most contractors need daily supervision.