Tax Savings for Short-Term Rental Hosts

This webinar invites tax-saving experts Amanda Han and Matt MacFarland from Keystone CPA to share their insights with Hospitable hosts on correctly filing tax returns for their short-term rentals and ensuring they are not overpaying.
Timestamps:
0:00 - Introduction
5:42 - 1099K challenges faced by STR hosts
13:01 - Reporting expenses
15:00 - Best record-keeping practices
17:58 - Software recommendations for record-keeping
19:35 - Active vs passive income
24:17 - Tracking time spent on property management
25:51 - Tax loophole benefits for managers non-owners
27:00 - Cancellation reporting on declared income
28:24 - Consolidating income and expenses for tax reporting
30:05 - The common taxation mistake STR property owners make
31:24 - Short-term rental loophole
32:30 - Transaction threshold for 1099K
33:33 - Tax returns remittance to owners
34:58 - Hotel business rule
37:00 - Filing general expenses with multiple properties
40:02 - Having your name on title to write off the mortgage for the AirBnB
41:00 - Writing off a solar grid
42:09 - Property depreciation
43:07 - Bonus tax depreciation
45:31 - Documenting the time spent on your STR
48:14 - Doing cost segregation right
51:10 - Expensing depreciation vs appreciation on sale
55:14 - Bonus depreciation after the 1st year
56:23 - Deducting your personal expenses as business expenses
58:40 - Ideal structure for managing multiple STRs

[@wadecollier4757]

Thanks! I was hoping to cover expenses for STR for a real estate professional. This was a huge deal when I filled

[@wadecollier4757]

We spent 40k on updating and 25 k on furnishings

[@troyrichey11]

VRBO and Airbnb doesn't send a 1099 unless you hit both the $20k in total amount plus 200 transactions as an FYI.