I have a few questions regarding auto/mileage traveling to/from our STR for maintenance: - is there a spreadsheet/tracker form for that - if I bought a property in 2025, but didn't put it into service until 2026, is there any way I can record all of the mileage I accrued on getting the property ready in late 2025? Should I just log that away for my 2026 tax return or 2025? Or will I never get to count that milage? (I know this does not go towards material participation. This is about Schedule E expenses.)

I have a couple of questions about STR business. My second STR. Option 1: I purchase land and have builder custom build a property. What is effect on bonus depreciation of the house building cost? I will have detailed breakdown of the cost of each item that is put in the house. So I guess the “cost segregation” will be very accurate. Option 2: Get an older property and do major renovation through a builder. I will likely build a detached garage apartment also which will be a new structure. How can I maximize depreciation in this scenario ? Second question: If a vehicle is purchased and actually put in service for use by guests ( since they come from out of town) and if more then 6000 lbs then can it be written off completely to take loss for the STR LLC and offset the W2 income ? Sort of like bonus depreciation taken for the house in year one. All this is done while keeping up with 500 hours of material participation as per IRS rules. Thanks

@Mason Kimball, CPA sorry not trying to bug you but I’m not sure if my first post got through as I wasn’t at level 2. I’m trying to reconcile my quickbooks and business account and have a couple of questions. 1. My business account started at $0, and my first deposit was $5,000 from my personal bank account. QuickBooks has a -$75 Opening Balance Equity entry dated April 8, marked reconciled (R), even though I’ve never completed a reconciliation. My April 30 bank statement ending balance matches QuickBooks, and I’ve checked off all the transactions, but the reconciliation still shows a $75 difference. Can you confirm whether I should correct or remove that opening balance entry so I can finish reconciling April? 2. how should I categorize deposits from my personal bank accounts. Since that’s not revenue from the business. It’s was just start up funds.

Hi everyone! I’m new to the STR world. Like most people here, we’re trying to reduce our taxable income from our W-2. We just went under contract on a Duplex in Florida. My question is, who should we have own this property….our LLC, one of us, both of us (me and my husband) or a trust? What provides the most protection and doesn’t create any tax issues?

I just learned about this. I'm assuming this is for properties that are not complete gut jobs (because it's maybe end of life span) and are just cosmetic jobs? I have a STR that I'm planning to do cosmetic rehab for, but there is certainly life left in its current state. What do I need to do to take advantage of this come tax time?