Section 179 - Airbnb Investment Property
Good day all,
If I meet the criteria for "Real Estate Professional" and have a business that owns and operates Airbnb's, can I apply the section 179 deduction against the purchase of a new property purchased in 2021? Can it be considered non-residential if it averages less than 7 day stays over the course of the year? Also, does it need to be put into service in the year it was purchased in order to make this claim? The year was spent renovating the property so no short-term renters (Airbnb) in 2021.
Thanks in advance to any and all SME's that can shed some light on this!
Brad