For your $240K new-build townhouse, a cost seg may make sense if the tax savings outweigh the study cost (~$3K–$6K), especially since you plan to hold it for 10+ years and can benefit from immediate bonus depreciation.For the $380K older townhouse, cost seg with look-back depreciation could provide significant one-time deductions for missed depreciation over the past six years.

Finally, short-term rentals can offer potential tax advantages, as many expenses associated with the property may be deductible.

Even with the redactions, it's not hard to figure out based on deduction how much we are making from the rental and from my income.

The major pieces of information you are missing include NOI which includes deducting all of your operating expenses from your gross rents sans debt service, market dynamics (what are vacancy rates and asking rents like in the market the building is located in?)

Hard money loans offer fast approval and don't risk personal assets but come with high-interest rates and fees, which can be tax-deductible as carrying costs.

If they work independently, set their schedule, and use their resources, they might qualify as a 1099 contractor, but misclassification risks IRS penalties.Wages for W-2 employees and payments to 1099 contractors are both deductible business expenses, but compliance is key.This post does not create a CPA-Client relationship.

This protects against potential claims and liabilities specific to the rental.For tax purposes, maintain clear records of rental-related income and expenses, allowing deductions for insurance, utilities, maintenance, and depreciation proportionate to the rental unit.

On June 7th, we sent an itemized list of deductions via text; he responded on June 8th, disagreeing and threatening legal action.

Hello all,Has anyone sold a short term rental owned over a year  as a non real estate professional that qualified as short term capital gains tax deductions with expenses and depreciation?

A HELOC on your duplex or home offers flexible, low-interest financing ideal for BRRRR, with potential tax-deductible interest if used for property expenses.