Throwback Masterclass: Tax Savings for Short-Term Rental Hosts

This episode of the Hospitable Hosts podcast is a throwback. We're re-releasing some of our past masterclass webinars that were available in video format only for you to listen to on the go. The tips and tricks in this episode are still relevant today but bear in mind that any references to specific dates might be outdated. This webinar ran on March 13, 2024. 

We invited 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.

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Chapters

• 0:00 Introduction
• 5:17 1099K challenges faced by STR hosts
• 12:26 Reporting expenses
• 14:34 Best record-keeping practices
• 17:38 Software recommendations for record-keeping
• 19:11 Active vs passive income
• 22:44 Tracking time spent on property management
• 25:23 Tax loophole benefits for managers non-owners
• 26:45 Cancellation reporting on declared income
• 28:03 Consolidating income and expenses for tax reporting
• 29:46 The common taxation mistake STR property owners make
• 31:03 Short-term rental loophole
• 32:09 Transaction threshold for 1099K
• 33:10 Tax returns remittance to owners
• 34:32 Hotel business rule
• 36:31 Filing general expenses with multiple properties
• 39:44 Having your name on the title to write off the mortgage for the Airbnb
• 40:51 Writing off a solar grid
• 41:48 Property depreciation
• 42:47 Bonus tax depreciation
• 45:11 Documenting the time spent on your STR
• 47:53 Doing cost segregation right
• 50:54 Expensing depreciation vs appreciation on sale
• 54:56 Bonus depreciation after the 1st year
• 55:57 Deducting your personal expenses as business expenses
• 58:30 Ideal structure for managing multiple STRs