Short Term Rental for Tax Benefits

[sniper61]

It Worked nice till the township outlawed short term rentals. It took me nearly 3 years to remodel during covid. Its on the shore of lake erie and is 3 hours from my home . I like it but may sale it to start another one in a different township.

 

[Beendare]

Worth mentioning....Organizations like CAA- California Apartment Association are worth seeking out. They offer updated rental forms to keep you legal and many other benefits. The membership fee is insignificant

 

[NormNorm]

Saw this topic on the list and it’s right in my wheelhouse. I did a decently quick read through and didn’t see anyone mention it, but just because you STR a property at first doesn’t mean it has to stay that way forever. I’ve got plenty of clients who fit the STR strategy mold and do a year or two of STR’ing with a property (including cost seg) for the tax benefits, then switch it over to a more traditional long-term rental.