Hello guys! I have a good W2 income as well as STR income.
2023 is the first year I thought I could qualify for RE status as I am working as the property manager, handyman... (750+ hours) man I worked hard!
Just finding out that with a full time W2, it is nearly impossible to qualify the RE status especially with short term rentals. Hence, they are looking at STR as business income rather than passive income. What a bummer!
However, I am seeing posts here that many people utilize their short-term rentals for RE status by using Schedule E.
Can you really qualify as a REPS with a full time W2 income?
Also,
I am involved in rehab and management, so I am claiming my STR income under the Schedule C.
Why aren't you guys claiming it under Schedule C and getting the deduction?
What is the real benefit of claiming your short-term rental income in Schedule E? Is it just for the RE status?
I am finding this information very helpful. Thank you.
I am going to use my primary residence for STR for the remainder of the year. I want list it in August. There is quite a bit of prep I need to do to get it ready. Can I use the time spent this month (July) towards my 100 hrs.?
I am finding this information very helpful. Thank you.
I am going to use my primary residence for STR for the remainder of the year. I want list it in August. There is quite a bit of prep I need to do to get it ready. Can I use the time spent this month (July) towards my 100 hrs.?
I am finding this information very helpful. Thank you.
I am going to use my primary residence for STR for the remainder of the year. I want list it in August. There is quite a bit of prep I need to do to get it ready. Can I use the time spent this month (July) towards my 100 hrs.?
Only if you "place it in service" before hand
Thank you. If I start to advertise it, does that count as placing it in service.
I am finding this information very helpful. Thank you.
I am going to use my primary residence for STR for the remainder of the year. I want list it in August. There is quite a bit of prep I need to do to get it ready. Can I use the time spent this month (July) towards my 100 hrs.?
Only if you "place it in service" before hand
Thank you. If I start to advertise it, does that count as placing it in service.
Happy to help! Advertising it would assume its "ready and available for basic use" in my POV so yes