If I do minor renovations before I list it, are those tax-deductible?

It looks like the Tax Relief for American Families and Workers Act of 2024 is going to pass soon.

They have been the send everything in at the end of the year and let me know what my taX bill will be type.

Also I am looking for a tax professional in NC as this is all new to me.  

Obviously sponsors / GPs have to deal with insurance, property taxes etc ,I would like to know if as an LP one can avail tax deductions for property tax , insurance maintenance etc.

@Justin Ward To be considered by IRS as a short-term rental and get the tax benefits you must meet the following requirements (defined by Treasury Regulation Sec. 1.469-1T(e)(3)(ii)(A))The average period of customer use is 7 days or lessThe average period of customer use is 30 days or less.

They had set pricing for the weekdays and weekends, and based on the tax returns they sent me it appeared they were not reporting all their income.

I'm in the Tahoe Reno NV area now and there are also solid single family that cash flow without the headaches of California tenant laws combined with low property taxes.

If my tax preparer says I need something from all the platforms then I’ll worry about it but until then I’ll just go on about my business and report my rent to the IRS based on how much I know I receive from each tenant each month.

The issue here is high capital gain tax, the 30K capital gain will be taxed with 25% + your personal income tax, when you two are able to invest 80k-100k the first years and later 200k-300k then your tax bracket is already very high.