(Call it 20% federal and 5% state ($15k in income tax, plus the $45k in additional taxes you created.).

@Tom Dieringer After purchasing my first property in 2024, I acquired most of my short-term rental (STR) knowledge from The Short Term Shop, which included maintaining respectful communication with guests, keeping calendar availability up-to-date, and ensuring high-quality listings.When I initially began May of 2024, I opted to list my property exclusively on a single Online Travel Agency (OTA) - Vrbo.

Supplement this far simpler entity approach by ensuring you have appropriate types and levels of insurance, you operate your business in a manner in which your conduct is not considered an exclusion in your policy, you work with licensed and insured vendors, you execute contracts with indemnification clauses with these same vendors/ require additional insured status &  maintain appropriate licensing and permits.

Similarly, the sale ($575K) minus your adjusted basis determines your capital gain.You may qualify for the primary residence exclusion (up to $250K single/$500K married) if you lived there 2 of the last 5 years.

Since you’ve shown interest in listing your property with Furnished Finder in the past, we’re offering you an exclusive $45 discount on our annual subscription.

@Alicia Howard Since your 5th wheel RV is used exclusively as a short-term rental property and does not move, its depreciation depends on its classification.

For bookkeeping purposes, I recommend designating a separate bank account exclusive to the house hack activities to keep some sanity.

If you ever want to discuss strategies, share experiences, or need additional resources, feel free to reach out.

Stock market returns have been good and I don’t have the headaches of dealing with any additional houses or guests.

We’ve since learned that scouting friendlier permit offices not only speeds up timelines but can also reveal unique neighborhoods with underappreciated potential.Chris: Are you planning to focus on Gilbert exclusively, or do you see yourself venturing into other Phoenix areas soon?