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16 September 2024 | 7 replies
ordianry income is how i have seen it classified .
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15 September 2024 | 11 replies
The key factor is ensuring the property qualifies for favorable tax treatment by adhering to IRS rules regarding short-term rentals and material participation.For the 7-day rule, the IRS requires that:The average guest stay must be seven days or less for the property to qualify as a short-term rental.If the average stay is 30 days or less, you must provide substantial services similar to what hotels offer, such as daily cleaning or concierge services.Regarding material participation, to further classify the income as non-passive, you must meet one of the following criteria:You spend more than 500 hours actively managing the rental in a year.You manage the business yourself and spend at least 100 hours, with your involvement exceeding that of any other person involved in the rental.Please note there are actually 7 ways to qualify, the above two are the most common.
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15 September 2024 | 7 replies
is this classified as "abandonment"?
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15 September 2024 | 2 replies
Then it goes to a human classifier who is going to review it with their eyes and their subjective judgment and decide: let it go or send it for an actual audit.
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14 September 2024 | 10 replies
So STR loophole there are personal use limitations: To avoid having the property classified as a "residence," which limits your ability to claim rental expenses, your personal use of the property must not exceed the greater of:14 days per year, or 10% of the total days the property is rented at fair market value
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15 September 2024 | 31 replies
As @Remington Lyman said, Columbus is appreciating rapidly and classifying neighborhoods is completely opinion based.
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12 September 2024 | 8 replies
You gotta post this in the Classifieds.
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12 September 2024 | 4 replies
I read a bunch of the guidance online but I can't tell exactly how the property is classified once this has been done.
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11 September 2024 | 18 replies
However, replacing the entire fence with a different one—such as installing a taller fence for privacy—would be classified as an improvement.
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11 September 2024 | 10 replies
I'd agree with @Devin Peterson, best way to get this answered is to get a few quotes from different lenders and compare - either on BP Find a Lender or just googling (also if you post a version of this in the Classifieds subforum - or it might get moved there, you can interact directly with DSCR Lenders here - although this subforum is more about technical questions).