Tax Deduction for Short-Term Rentals
Hello! I have a clarifying question on the STR tax deduction. Assuming you meet the terms of the tax benefit qualification (e.g., 100 hours and more than anyone else) and want to use excess losses from the short-term rentals to offset taxes from W2, is there any W2 income cap to be aware of? E.g., you can't deduct more than $X amount or you can't deduct income made over $Y amount.
I am speaking to some CPAs on this and would value input from this group of practitioners. Thank you! And FYI, if you're seeking more context on these tax benefits, CPA Amanda Han's BiggerPockets blog article from last year is helpful: https://www.biggerpockets.com/...