#452 Short Term Rental Tax Loopholes - Year End Rush

Main Street Business

Mark J Kohler and Mat Sorensen

Tax Reform, Entrepreneurship, Business, Irs Updates, Tax Tips, Legal Compliance, Business Structure, Tax Prep, Accounting, Tax Strategies, Management, Financial Reporting, Estate Planning

2.4 • 584 Ratings

🗓️ 19 September 2023

⏱️ 28 minutes

🔗️ Recording | iTunes | RSS

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Summary

In this episode of the Main Street Business podcast, hosts Mark J Kohler and Mat Sorensen delve deep into the tax benefits available through short-term rental properties. They explain how real estate professionals can offset their losses on rentals against their other income sources, thus introducing the concept of a short-term rental loophole. Understanding the potential tax benefits of utilizing tax write-offs and loopholes.Exploring the concept of cost segregation and its potential f...

Transcript

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0:00.0	It's only the real estate professionals that get to bring these losses over on their rentals
0:04.4	and offset their other income, their ordinary income, their business income, their W-2,
0:08.0	and they're lucky that it's amazing.
0:10.0	But the rest of us, we get a bottled up.
0:12.8	This is where the short-term rental loophole came in.
0:15.0	I freaking heard about this from Mark Cole.
0:16.3	35% of 400 grand is $140,000.
0:28.2	I just got a tax write-off for 140 grand, and I only put down 100 grand and it's cash flowing. I'm building value. I'm building wealth. And the tenants are
0:36.0	paying down my mortgage. And you know what's fun, everybody? Do you think we're just preaching this to the choir? I'm building wealth and the tenants are paying down my mortgage. And you know what's fun, everybody?
0:38.4	Do you think we're just preaching this to the choir?
0:40.6	I'm sitting in an Airbnb that I'm working on right now.
0:43.7	Like, we don't talk about this.
0:45.0	We do this.
0:46.2	This is what we do.
0:48.1	Welcome, everybody, to this week's episode of the Main Street Business Podcast.
0:52.4	My name is Mark Kohler.
0:53.3	I'm here with Matt Sorenson talking about the beauty of the Main Street Business Podcast. My name is Mark Kohler. I'm here with Matt
0:54.2	Sorenson talking about the beauty of the short-term rental. So exciting. Yeah, it is
1:01.7	exciting. We've all stayed in one. But what's better than staying in one? Getting a tax deduction,
1:05.9	a massive tax deduction for owning one? Why not? It's pretty cool. There are you going.
1:11.9	Yeah.
1:12.3	I mean, and you can even stay in your own Airbnb because you're going to be there fixing it,
	...

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