TOP Tax & Entity Strategies for Short-Term Rentals | Clint Coons Q&A

[@organizer14]

What if property had fire and insurance pay part of cost, what insurance refuse to pay is the costs deductible?

[@pharaohblack1784]

THIS IS GOLD !!!!!!!!!!!!!!!!!!!!! THANK YOU !!!!!!!!!!!!!!!

[@ChrisMolenaar]

This is nice to know about #realestate!👊🤗

[@xingtongwen8717]

Hi Clint, thx for the informative session. For high earners in CA, is this implementing STR and convert it into LTR the following year a repeatable strategy on yearly basis? Do you have examples who get audited and IRS consider it as tax shelter? Thx

[@ClintCoons]

I do not have any information on audit rates.

[@peterchirico2153]

Hi Clint I just recently found you guys and noticed this video on STR's. My wife and I owned a Licensed BnB in Hawaii for 5 and 1/2 years and about a year ago moved back to CA. We plan on relocating in one year to FL and would love to start a BnB there. Anyway I'm struggling to understand the concepts here to save money on Taxes. The BnB we had in HI was in the same house that we lived in and we did all of the work ourselves. I am familiar with the mortgage interest deductions that gave us a dollar for dollar right off of our income but what you are talking about here seems totally different. Are the tax savings concepts talked about here in addition to any mortgage interest deductions ?

[@ClintCoons]

Yours is a different situation because you live in the property. This only applies to non-owner occupied STRs

[@TheThennowforever]

I'm definitely signing up

[@TheRulersBack1]

Can you use this strategy for owner occupied SFH or multifamily? Or does it have to be an investment property in order to operate it as a STR to qualify for REPS?

[@ClintCoons]

It must be an investment property.

[@dwbdwb01]

What state is best for a C corp? I’m thinking about the compliance with the state regarding the number of directors on record and other issues like least number of stockholders etc thank you

[@ClintCoons]

If all of your properties are in one state, and you are self managing, then I would set it up in the same state. If your properties are spread amongst several states then possibly WY with foreign registrations if you are self managing.

[@donpot6675]

Mr. Clint! Are you familiar with equity stripping and recording promisary notes and liens against your assets towards your wyoming LLC for lawsuit protection? And of course being able to remove them at anytime. Rather than setting up an LLC for each property? This structure being under a trust to avoid probate

[@ClintCoons]

Yes and I have a video on friendly liens that covers this topic. This is just a smoke screen and will not actually protect you in the event of a lawsuit.

[@organizer14]

Can the unused losses be carried over? For how many years.

[@ClintCoons]

yes - indefinite

[@entnous53]

If you have 2 Airbnb properties that took 2 years to remodel, then put them into service in 2023, can you do the cost seg study and bonus depreciation in 2022, or is it only in the year they were put into service?

[@ClintCoons]

The year the properties are placed into service.

[@chriss207]

Hi Clint Thanks so much for this amazing video!!! Question for you. I sold a property in California this year ,didn't 1031 it unfortunately:( Im looking at a very large Cap gain and depreciation recapture bill over 100k Ive heard of a lazy 1031 strategy can you please explain it .Also if I purchased a STR by year end and used this strategy would it help me Or if if I purchased a-property for LTR could I bonus depreciate it and right off the losses against my cap gains, dep recapture.?Thanks so much

[@ClintCoons]

Chris if you buy a replacement property and turn it into a STR before the end of the year and put in 100 hours with an average rental period of 7 days or less, you can take advantage of Cost Seg. I would look at this strategy to reduce your tax bill.

[@chriss207]

@@ClintCoons Hi Clint Thanks for your last response does my time preparing , renovating ,buying furniture go towards my 100 hrs?

[@ashrosebud2452]

Hi Clint, I acquired a property this year 2022 that is under renovation with an intent to launch as an STR, but due to construction timeline will not go into service until 2023. If I understand correctly, because the acquisition date is 2022 the property should qualify for 100% accelerated depreciation, is that correct?

[@ClintCoons]

Correct

[@sajedamomin7719]

Is there any way, we can buy 2 SFH and list both as STR and with that qualify for STR tax loophole by doing 100 hours and more than anyone else?

[@ClintCoons]

Yes if you meet all of the requirements.

[@ellivalentine2466]

WA state here

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