Updated over 3 years ago on . Most recent reply
What can I write off for my STRs?
We recently bought a house and are operating it as a short term rental. We installed a hot tub, the hot tub itself cost $12,600, along with concrete, electrical and yard work that is another $5k - $6k. We also installed a door in the garage that cost us around $3k. Do you know how we can write those things off? Can we do it at one time or it will depreciate with the house schedule? Thank you!
Most Popular Reply
The best investment you can make is hiring a real estate specialized CPA to file your taxes and provide quarterly or bi-annual strategy sessions. Good ones are not cheap, but they'll be able to save you thousands by leveraging proper deductions, depreciation, etc. that you likely would miss out on if you or a budget tax preparer file your taxes. Build a team - who, not how!