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Updated about 2 years ago on .
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Questions about taxes with short term rentals
Hey all,
I am house hacking a duplex right now with an unfinished basement. The basement is being converted to a 1 bed 1 bath studio to be used as a short term rental with an average stay of less than 7 days. My plan is to offset the expenses to construct and operate the basement against my W2 income. Does this plan sound like it could work?
Also I'm in search of a tax advisor, if anyone has a good referral.
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You can go here to look for a tax professional - https://www.biggerpockets.com/....
Also, your strategy might be able to work provided you implement it properly. Would be glad to discuss if you want to connect.