Or if you are using the home as a short-term rental, you could try to qualify as "materially participating" and use the short-term rental loophole. 

If anyone has first hand experience and an example of how to use this deduction, that would be really helpful.In the realm of real estate investments, the short-term rental loophole offers a unique opportunity, subject, however, to certain rules and regulations.

But there are a number of exceptions, including if your income is under $150k, real estate professional status, and the STR loophole. 

In the year of the cost seg, you need to qualify for STR loophole (materially participating in your rental activities by spending 500 hours, or 100 hours and more then anyone else, or doing all the work yourself.)

In the realm of real estate investments, the short-term rental loophole offers a unique opportunity, subject, however, to certain rules and regulations.

If you have a w2, the best strategy to look deeper into is the short-term rental loophole. 

If you are taking advantage of the STR loophole then working with a tax professional that understands it is  critical.

The STR Loophole is very complex, but can save you thousands.- Did you materially participate?

From there, you can figure out if additional benefits can be achieved via real estate professional status or the short term rental loophole for instance. 

You should put the property under an LLC Your third question is referring to the short term rental loophole, which requires 100 hours and more then anyone else of "material participation".