All Forum Posts by: Adam Simpson

@Andrey Shostak

A tax calculator would be nice. Lets chat! Possible to maybe build one similar to this with an add on for small business owners and REI's.

https://docs.google.com/spreadsheets/d/1xYOKT2eNS588cj6_8jVv2vobAfAhCVUd/htmlview#gid=1221524195

This is one of the best personal finance calculators I have seen. 

https://docs.google.com/spreadsheets/d/1oC4gdK5gXIPjyEFTgo3g...

Are you guys doing another one like this?

 shoot me a PM and I will send you a good template I have. 

shoot me a PM and I will send you a good template. Doesnt look like I can post it here. 

How did this meetup go? I would be interested in the next one. 

@Lieren Schuette

Try Flourish. 5% APY

I suggest reading this to understand how joint ownership affects you tax wise: 

https://www.stessa.com/blog/jo...

@Michael Plaks

How do you get on this list?

@Jon Abbott

Depreciation vs. STR strategy

There’s been confusion between these concepts

So I want to clear things up here 👇

The question I’ve been receiving is, how many days, or stays, do I need to have a property rented for bonus depreciation?

The short answer is ZERO.

You begin depreciating a rental property once it is “placed in service”.

What does that mean exactly?

Basically it means the property is habitable and available for rent.

Someone could move into the property that day.

Evidence that the property is habitable and available for rent is generally once the property is advertised.

Technically, you don’t have to have anyone live in, or stay, at your property to lock in the date the property was placed in service.

The date the property is placed in service is the date you begin depreciating the property.

For example, if you place your property in service on 12/31/2022, any costs allocated to 5-year and 15-year property can be 100% bonus depreciated.

And what about the STR strategy?

In order to treat a rental property as a STR, you have to have an average stay of 7 days or less for the year.

So you need to have guests rent your property, at least two stays, before the year end to qualify for the STR strategy.

That is the difference between these concepts.

Bonus depreciation = technically need ZERO stays

STR strategy = need at least TWO stays with an average stay of 7 days or less