There's seven million people that have Airbnb. True term rentals are awesome. I'm even looking to turn one of my long-term rentals into an Airbnb. You're the one sitting there with the IRS agent and the audit are answering the phone call. So, yeah, the tax lien and the IRS notice has one. That's right. Hey, everybody. Welcome to this week's podcast, the Main Street Business Podcast for all you

Main Street business owners out there. My name is Mark Kohler. I'm here with Matt Sorenson,

trying to come unplugged, unfiltered, give you the truth about these short-term rentals.

Yeah. I mean, I love staying in an Airbnb. I'm even looking to turn one of my long-term

rentals into an Airbnb.

It's been a hot strategy.

There's 7 million people that have Airbnb's.

Is it really?

Seven million separate listings for Airbnb. Okay.

Now, here's why we're calling this the truth is because there's a lot of promoters out there

that are talking about this flow through tax loss that comes through on short-term

rentals and material participation,

and you can do a cost seg. And the way they state it from the stages, everybody can do this. It's easy. It's great. And then they run off stage, but they're not the one signing your tax return. You go talk to a CPA that's really signed your tax return. They're not, they're really nervous. So I wouldn't say they're scared to death, but there's some things you need to know here.

Yeah.

I mean, most CPAs are scared when you give them any strategy that seems to help you from not paying taxes. But, but there's some stuff to know here. There's some truth in it. And like a lot of tax strategies, especially the ones that type, there's a lot of falsehoods out there. So we're going to try and break it down, let you know what you need to know. But I want to say this from the outset about short term rentals. It's a freaking awesome strategy. Yes. The idea and concept that you can use real estate you already own, you could even take a piece of your house. Okay. You can take a long-term rental and turn it into a short-term rental.

Make more money by charging a daily rate or the monthly rent. It is freaking awesome.

It has been a transformational thing for the real estate industry. But buy it because of that.

Not because you want to save taxes. Yeah. The taxes are kind of like the side benefit. And Matt's saying this because I kind of scared the bejazzies out of our staff the other day. And they said, so short-term rentals are bad. I'm like, no, I'm not saying that. Short-term rentals are awesome. But just for my dentist in Duluth, Minnesota, is it Duluth or Duluth somewhere else?

South Dakota, North Dakota?

Duluth.

Duluth somewhere.

Any dentist out there that's getting sold this, I'm picking on a dentist right now,

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