All Forum Posts by: Aman Kataria
Aman Kataria has started 1 posts and replied 4 times.
Post: Tax advantages of STR and Primary Residence
- Posts 4
- Votes 1
Thanks, @Nate Meeker. Super helpful.
Another question I'm wondering is - once I take the STR depreciation, would I not be able to take advantage of mortgage interest deduction in the following years?
To me, it seems like STR is one time deduction whereas I can deduct mortgage interest for multiple years on primary residence. Any thoughts from the experts on evaluating one time depreciation vs multiple years of mortgage interest deduction benefits?
Post: Tax advantages of STR and Primary Residence
- Posts 4
- Votes 1
@Sean O'Keefe - thanks for your response.
Yes, I'm aware of these rules.
The question is - if I have 3 bedrooms and I only use 1 and rent out 2. Can I deduct 2/3 of the deductions coming out of cost segregation study? Assuming all the other requirements such as the average stay duration of < 7 days is met.
Post: Tax advantages of STR and Primary Residence
- Posts 4
- Votes 1
@Michael Baum - yes, working it out.
I was wondering if I can learn from folks in the community who have already done this to avoid any pitfalls.
Post: Tax advantages of STR and Primary Residence
- Posts 4
- Votes 1
I just bought a new home as a primary residence. I use 2/3 of the home for short term rental on Airbnb.
Am I allowed to make tax deductions on both - 1) Mortgage Interest, and 2) Offset my passive income with STR (only on the 2/3 of the property)?
I manage my own rentals and should be able to meet the material participation clause.
Appreciate any advice.