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K Bell
  • Chicago, IL
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real estate professional status vs short term rental benefits

K Bell
  • Chicago, IL
Posted Jan 31 2023, 09:28

if i cant qualify for Real estate professional status can i do short term rental status if i change my tenants leases to month to month

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Ashish Acharya
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#2 Tax, SDIRAs & Cost Segregation Contributor
  • CPA, CFP®, PFS
  • Florida
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Ashish Acharya
Pro Member
#2 Tax, SDIRAs & Cost Segregation Contributor
  • CPA, CFP®, PFS
  • Florida
Replied Jan 31 2023, 09:35

Yes, you can but changing mid-year will qualify you for the less than 7 days rule.  Make sure you manage your stay so that you meet the requirement. 

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K Bell
  • Chicago, IL
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K Bell
  • Chicago, IL
Replied Feb 6 2023, 11:42

if i wait to change when they renew and have them sign 9-12 30 day leases is that legit in the eyes of IRS  for short term status?

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K Bell
  • Chicago, IL
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K Bell
  • Chicago, IL
Replied Feb 6 2023, 12:03

Ah neve rmind i see i would have to provide meals or maid service