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All Forum Posts by: Ryan Carriere

Ryan Carriere has started 2 posts and replied 19 times.

Post: STR tax Loophole vs MTR?

Ryan CarrierePosted
  • Accountant
  • Minneapolis, MN
  • Posts 20
  • Votes 14

@Amy Houghton the short answer, as you've seen here, is generally not. You would have to meet REPS (real estate professional status) to turn your MTR to non-passive to offset other non-passive income.

If the average stay per guest is 7 days or less, then we're talking about the STR tax strategy, and therefore REPS requirements would not be necessary.

Post: STR "Loophole" feasibility

Ryan CarrierePosted
  • Accountant
  • Minneapolis, MN
  • Posts 20
  • Votes 14

The STR tax strategy is most beneficial for high-income earners (think: $300K+ annual household income).

You have to have the property placed in service before the end of the tax year, but more importantly, you have to have at least 2 stays before the end of the year to have an average stay of less than 7 days.

If you're staying there between guests, those are generally going to be personal use days, and going to cause an issue with the deductions and ultimately the losses you can take. 

Absolutely! The STR tax strategy has 2 main components:

1) The average stay per guest is 7 days or less for the tax year.

AND

2) You materially participate in your STR. The most common test used is the 100 hours and more than anyone else test.

For example, if you acquired a $500,000 STR after January 19th, 2025, you could accelerate $100,000 of losses with the help of a cost segregation study. If you're in the 35% tax bracket, that could equate to $35,000 in federal tax savings!

Post: Property management rates around Minneapolis for Duplex, 4-plex

Ryan CarrierePosted
  • Accountant
  • Minneapolis, MN
  • Posts 20
  • Votes 14

@Adrienne Harrison We have been really happy with Wits Property Management managing our 4-plex. I would highly recommend connecting with @Josh Brook

Post: REI Social: Venn Brewing -South Mpls Real Estate Investing Meetup

Ryan CarrierePosted
  • Accountant
  • Minneapolis, MN
  • Posts 20
  • Votes 14

This meetup is always a good time to meet with like-minded real estate investors and/or those beginning their investment career! Planning to be there!

Post: Need Help Finding Property Manager in Minneapolis!

Ryan CarrierePosted
  • Accountant
  • Minneapolis, MN
  • Posts 20
  • Votes 14

@Robb Stubenvoll, Wits Property Management does a great job and has great people! @Josh Brook

Post: REI Social: Venn Brewing -South Mpls Real Estate Investing Meetup

Ryan CarrierePosted
  • Accountant
  • Minneapolis, MN
  • Posts 20
  • Votes 14

I'll be out of town! Sorry to miss it Kurt!

Post: Property Manager recommendations in Minneapolis

Ryan CarrierePosted
  • Accountant
  • Minneapolis, MN
  • Posts 20
  • Votes 14

Hi Todd,

You'll get great service with Wits Realty! @Josh Brook

Post: CPA Recommendation in the Raleigh-Durham, North Carolina Area

Ryan CarrierePosted
  • Accountant
  • Minneapolis, MN
  • Posts 20
  • Votes 14

@Brandon Hall is your guy.

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