Skip to content
×
PRO
Pro Members Get Full Access!
Get off the sidelines and take action in real estate investing with BiggerPockets Pro. Our comprehensive suite of tools and resources minimize mistakes, support informed decisions, and propel you to success.
Advanced networking features
Market and Deal Finder tools
Property analysis calculators
Landlord Command Center
$0
TODAY
$69.00/month when billed monthly.
$32.50/month when billed annually.
7 day free trial. Cancel anytime
Already a Pro Member? Sign in here

Join Over 3 Million Real Estate Investors

Create a free BiggerPockets account to comment, participate, and connect with over 3 million real estate investors.
Use your real name
By signing up, you indicate that you agree to the BiggerPockets Terms & Conditions.
The community here is like my own little personal real estate army that I can depend upon to help me through ANY problems I come across.
Short-Term & Vacation Rental Discussions
All Forum Categories
Followed Discussions
Followed Categories
Followed People
Followed Locations
Market News & Data
General Info
Real Estate Strategies
Landlording & Rental Properties
Real Estate Professionals
Financial, Tax, & Legal
Real Estate Classifieds
Reviews & Feedback

User Stats

4
Posts
1
Votes
Geoff Prickett
1
Votes |
4
Posts

Las Vegas Condotel: Syndication and Bonus Depreciation Questions

Geoff Prickett
Posted

Questions for Real Estate CPAs and Attorneys (or genuine experts), preferably who know the Las Vegas Condotel market:

Looking at my first investment property. Considering going in with other investors on a condotel unit in Las Vegas.

Do condotels have anything different about them - as far as taxation/regulation/classification vs any other type of short term rental?

The big, pressing, motivator in my choosing to start with STR is my recent learning about the "STR Tax Loophole" and especially "bonus depreciation."


I am a (newly licensed) Real Estate Professional. My other investors are not. I will be managing all booking, renovation, and maintenance operations of the STR (besides mandatory front desk operations, and cleaning - required to be run by the Hotel). The other investors will be, out of state, passive investors.

I was thinking to create an LLC taxed as an S-Corp?

How will tax benefits break down? I know RE Professionals get better benefits than non. I know that participation in operations affects the tax benefit in some ways? How do I structure our entity to get everyone maximum tax benefits? What will their benefits look like vs mine? Will business expenses be deductible for all against other active income - or only for me?

How does bonus depreciation work? Will all the money put in during the the first calendar year qualify? (downpayment, closing costs, HOA fees, renovation, furniture...etc?) What's covered and what isn't?

Will depreciation and bonus depreciation be deductible for all investors? Will that deduction be usable to offset taxes from other income for them?


I know this is a lot. Thanks for any help anyone can give.

Loading replies...