300. The 14-Day Rule & Personal Use Days: Avoiding Common Pitfalls for STR Owners
Description
In this episode of the Tax Smart REI podcast, Thomas and Ryan explore the critical nuances of personal use days for short-term rental properties, a topic that generates frequent questions from their community of real estate investors and tax-savvy listeners.
They break down the 14-day rule, share actionable strategies to avoid common pitfalls, and provide clarity on how personal use impacts your tax benefits—especially for those leveraging the short-term rental loophole.
Here’s what they discuss:
- The 14-day rule and how it applies to short-term rental properties
- What counts as personal use and how the IRS defines it
- Travel days, family stays, and the gray areas of personal use
- Best practices for keeping credible time logs & avoiding audit risks
To become a client, request a consultation from Hall CPA, PLLC at go.therealestatecpa.com/3KSEev6
Join the Tax Smart Insiders Community:
go.therealestatecpa.com/3Xx1Cpd
Visit PURE at: rentpure.com
Check out Thomas's new YouTube channel: www.youtube.com/@thomascastelli
The Tax Smart Real Estate Investors podcast is for general information purposes only and is not intended to provide, and should not be relied on for, tax, legal, or accounting advice. Information on the podcast may not constitute the most up-to-date legal or other information. No reader, user, or listener of this podcast should act or refrain from acting on the basis of information on this podcast without first seeking legal and tax advice from counsel in the relevant jurisdiction. Only your individual attorney and tax advisor can provide assurances that the information contained herein – and your interpretation of it – is applicable or appropriate to your particular situation. Use of, and access to, this podcast or any of the links or resources contained or mentioned within the podcast show and show notes do not create a relationship between the reader, user, or listener and podcast hosts, contributors, or guests.
In this episode, Thomas and Ryan are joined by Heather and Isaac from FinCEN Filing Agents to dive deep into the 2024 Corporate Transparency Act (CTA) and what it means for real estate investors and small business owners.
They cover:
- An overview of the Corporate Transparency Act
- Key...
Published 11/10/24
In this episode of the Tax Smart REI podcast, Thomas and Ryan dive into real estate tax strategies by addressing audience questions from their public community and Facebook group.
Covering crucial topics, they guide listeners through the complexities of tax planning, especially for short-term...
Published 11/02/24