Updated 3 months ago on . Most recent reply
Cost segregation study help
Hey there!
I just bought and got my first Airbnb in PCB. I would like to take advantage of the tax benefits like bonus depreciation. I heard I need to hire someone to do the study and others say I can do it myself. Does anyone have any experience with this? I appreciate all the insight.
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- Real Estate Agent
- Denver | Colorado Springs | Mountains
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Unless you've done complex tax preparation before ... hire someone.
The CPA my clients in Colorado use for their Colorado STRs can usually get more in bonus depreciation with their cost segregation anyway, and like others have said, you want to make sure it's done right to defend in case anyone asks.
Plus, it's nice to have a consultant who can walk you through what it takes to qualify for "material participation" as a short-term rental professional.
Your Airbnb will hopefully be with you for years; hire the right people to make sure you do it right this first time. After that? Sure maybe go out on your own.
- James Carlson
- [email protected]
- 720-460-1770
