Starting Out Tax Deductions - First Year?

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I am going to have 2 properties that I am projecting losses on. One is going to be a short term rental and the other is a house-hack. The STR I am going to be building from scratch (in Alaska btw). Are there any tax deductions credits I can look for?

So I bought a house this year and I am currently house-hacking (yes, house hacking a SFR). But I am also buying some raw land to build a vacation home on. My vacation home is going to be built, then used as a vacation rental during the times I am not there. Currently, I am projecting a loss on the property, but the end goal of this was just to offset a little bit of the cost (even if it only offsets the mortgage interest, I consider the deal a win). I am doing this for my grandfather who always wanted a cabin for the family, but never got the chance himself. But I want to make sure I don't miss out on a possible tax credit/deduction opportunity here if there is.

@Chad Tessmann there’s plenty of tax advantages to your situation. With STRs in particular, you’re going to want to start interviewing CPAs. Furniture has all sorts of different depreciation schedules and a good CPA will be able to untangle that whole mess and pay for themselves each year!

Hi Chad, 

Generally all of your costs of building the STR will be capitalized into the basis of the property.

There may be some local state credits or things available that aren't tax specific- but local revitilization based items. 

Originally posted by @Connor Dunham :

@Chad Tessmann watch this video for an explanation by Brandon Hall -

You need to do a cost segregation study to use bonus depreciation. The benefits are less, the lower your tax bracket.

You actually don't need to do a cost segregation to utilize bonus depreciation. There tax code just reaquires a reasonable method of breaking out those costs. So on a newly built house he has that and there are multiple assets not considered structurally attached that can be listed separately on shorter lives, which would qualify for bonus depreciation. 

@Natalie Kolodij True. I mainly pointed to the video because it explains the deduction well and the participation requirements to count towards non-passive income. New construction costs can be easily broken out without a study. In my case, I acquired an existing structure for an STR.