Financial sense for us would mean cash neutral or rental income covering the monthly carrying costs (property tax, mortgage interest, maintenance).Appreciate any input / guidance!

Tampa only requires you to pay an annual business tax to the city and a "7 day minimum."

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.

I'm getting the application process started with our city to obtain a license to do short-term rentals.With this being - said we're thinking that it might be time to get an accountant to support us during tax season as we enter this new venture. 

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.

This means you can enjoy the perks of lower taxes while potentially matching the revenue of an Atlanta MTR. 

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.

Hello everyone. Hope all is well. I just started investing in real estate. I am looking for a CPA and an attorney.  Can Bp members advise me on where I should start and how do I find they are good. The accountant that...