The rentals are also taxed, of course, but Airbnb and VRBO automatically collect those fees when each stay is booked.

I started flipping houses through my LLC last year and don't trust continuing to file my own taxes.

The gains are not realized yet, so you can move the equity without paying taxes on it. 

Coming from L.A. to Vermont, the RE laws and prop taxes suck...

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

@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.

There's also the ability for investors to invest in these areas via a qualified opportunity fund which has a lot of tax benefits.When you sell a property, there are usually some tax advantages if you've lived there 2 of the past 5 years. 

Lastly on Agents the other biggee is most come from W 2 as their past income source so tax's were always taken out..

Many banks handling tax escrow accounts for mortgages have mistakenly thought there was one tax due twice/year or totally missed one of the taxes.Investors should research the SEV and the Non-Homestead property tax millage rates to project what the property taxes will be after adjustment.

The current tax assessment value of my property is $119,700 and I pay $4,188.30 annually in taxes. (2023 tax year)My house was recently revalued by an appraisal company with a 2024 assessment of $254,000.