All Forum Posts by: Krishnan Iyer

@Evan Darcy - Howdy! Is this software mainly for real estate and is there any documentation on how it compares with Stessa?  

The on-again-off-again love affair with BOIR! Though this could be the nail in the coffin!! 

One of the best in the business is Hall, CPA - 100% of their clients are in real estate, and they have in depth knowledge of all things related to real estate - STR and LTR rules (REPS, MP etc.). Check out Brandon Hall and Nathan Sosa on LinkedIn and their podcasts (TaxSmart REI) are VERY informative. Highly recommended for this audience.

Quote from @Noah Laker:

"My understanding was that, if he obtains REP status through any one of his properties, that he can take advantage of depreciation on any investment property, even if that one is not an STR. Am I missing something?"

Just obtaining REP status is not enough. He needs to materially participate in the workings of the STR. THAT is a very critical requirement - hence the "loop hall" is called "Material Participation". Lookup the podcast called Tax Smart REI by Thomas Castelli and Ryan Carriere (Hall CPA) - they have described it very clearly with IRS case examples. 

Hey Tom, I use Stessa to manage all my income and expenses (bookkeeping) for all my properties. I log my work for Material Participation in a simple spreadsheet - Date, Property, Activity, Time, Description, Vehicle Used, Mileage, Person (my wife or myself), Expenses. The Expenses is not important here but for me, it's convenient because it is part of the travel and work we did in the property. This is a very important log but only to be used if asked (i.e. if audited). 

@Hitanshu Shah Look up Hall CPA - they are the best in the business and specialize in real estate and in exactly these things you are asking/discussing. There is a podcast too called TaxsmartREI Podcast with good information. 

Krishnan 

@Patricia Andriolo-Bull - I am using Stessa too and love it. You are tagging and categorizing the CapEx items correctly or are they going to "regular" operational expense? Just checking.

I almost posted a couple of days ago that BOIR was back in play - glad I held off! LOL. When I filed mine, one of my LLCs threw an error saying it was already filed, which wasn’t correct. I’ve opened a ticket, so let’s see how that turns out!

Ditto, I use PriceLabs for my STRs - here is a nice writeup ...

Airbnb Smart Pricing Vs PriceLabs: An In-Depth Comparison For Hosts | Boost Your Short-Term Rentals

In your case, Evolve "owns" the listing and you will have to start from scratch as if it's a brand new STR. You will have to register a new listing on Airbnb, get that all setup and then detach from Evolve. You will lose all the reviews etc. from Evolve. Hospitable is awesome and I use it for my properties (hit me up if you need help). In your case, unless you want to list it on multiple platforms, you probably don't need the PMS and the inbuilt tools should suffice.