All Forum Posts by: Clifford Pereira

Thank you Noah for your advice. 
Sean, much appreciated the thoughtful reply, and the link, very helpful indeed ! Since you are based in California, do you know of any good CPAs who are geared towards real estate investors ? We haven't event gotten our minds wrapped around cost segregation and depreciation, and our current CPA doesn’t seem to have a handle on these concepts either … 

Many thanks Ben, appreciate your guidance ! 

Hi, my wife and I started an Airbnb in Sacramento, CA, this year and are new to real estate investing. According to our understanding:

1) California does not recognize REP status, but we could claim it on our federal taxes, is this correct ?

2) The minimum hours required are 750 hrs, but if running a short term rental, 100 hrs is supposed to be adequate, is that still true ?

3) Is there an official IRS form where these hours are documented, or would an excel file suffice ?

Any guidance would be most appreciated, so we can be better prepared for our tax returns next year.

Thanks so much for your time !

Cliff n Marie