PSA: STR loophole and cost segregation studies
Hey guys
As most of you know by now, there is a STR loophole that lets STR owners get huge tax savings via bonus depreciation.
Keep in mind that most accountants are not familiar with this. The ones who are find themselves in high demand, and they charge based on that demand. It is getting tough to find one who charges less than $2,500 for advice (yearly retainer fee essentially). Then you still have to pay them to file your taxes.
For example: Ryan Bakke is a pioneer on this and he’s up to charging $5k just to let you in his door on the issue. It’s great for him, and that is the market. Others are similar. I went with someone not quite as expensive. This is not a criticism of him or mine! But you will have to budget more than you realize to take advantage of cost segregation studies while utilizing the STT loophole.
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@Andre M.
https://www.biggerpockets.com/topics/1056436
We covered this a few weeks back!
- Greg O'Brien