Listen to the whole Episode:
Hit us up on IG! @theshorttermshop & FB! @theshorttermshop
The greatest benefit of buying Airbnb properties- the short term rental tax loophole
With the clock ticking on buying short term rentals this year with enough time to meet material participation hours for the short term rental tax loophole, we are re-releasing one of our top Short Term Show episode with Amanda Han, one of the industries top real estate and short term rental tax professionals (Keystone CPA), and Yonah Weiss, one of the leading real estate cost segregation analysis experts (Madison Specs) to help you reach your material participation hours, get that bonus depreciation that only airbnb properties can provide, and offset those w2 taxes with real estate.
Avery: Hey guys, welcome back to another episode of the Short-Term Show, and we’ve got a really cool episode for you today! This week, because we know a lot of you are probably thinking about it, it’s getting to be the season where you might want to make sure that you buy property to cost-seg… well, not necessarily make sure, but you might be thinking about doing that. You might be looking at what you’ve made this year at your other job and thinking, “Oh, I need to offset what I’m gonna have to pay in taxes on this somehow.” So, I have two of the absolute experts, the top two in their fields, both related to cost segregation and taxes — Yona Weiss and Amanda Han.
Avery: Amanda, we’ll start with you. You want to introduce yourself and just give a little background?
Amanda: Oh sure, well, thanks so much for having me! I’m glad to be back. My name is Amanda Han, and what I tell people is, I am a CPA by day and a real estate investor by night. So, like many of you in our audience, I also invest in real estate. Our company, Keystone CPA, focuses on helping real estate investors on how to use real estate to reduce your overall taxes. And that’s why I love being here because the short-term rental tax loophole is probably one of our favorite strategies for investors who maybe are still working a full-time job, earning a high W2 income but doing real estate on the side. So excited to dive into all those details.
Avery: And she’s being modest, but Amanda has two really great books. Why don’t you tell them what they’re called?
Amanda: Sure! If you want to learn more about taxes and real estate investing, you can pick those up. The first one we wrote is called Tax Strategies for the Savvy Real Estate Investor, and then we wrote a second edition which is the advanced version, Advanced Tax Strategies. In the advanced one, we talk a little bit more about cost segregation and other things. I’ve had people tell me that they loved our book so much they brought it on vacation with them! They read it at the beach, their family and friends make fun of them, but nonetheless, it gives you an idea of how exciting our tax book is. It has very little tax codes, a lot of us sharing client stories on how they can save taxes when they do tax planning effectively. You can find it on BiggerPockets, Amazon, or wherever books are sold.
Avery: Awesome beach reading! You have Danielle Steel and Amanda Han. Love it. Alright Yona, let’s hear from you and introduce yourself to our audience.
Yona: You’re probably familiar with me. Thanks so much for having me again on the podcast, Avery! It’s such a pleasure. I love the Short-Term Shop, and like Amanda, I am also a real estate investor. I’m not a CPA, but a cost segregation expert — that’s what I do full-time. Besides playing on social media most of the time, you can find me helping real estate investors reduce their tax burden. Having that real estate investor background myself gives me an incredible perspective, not just providing a service but understanding it in the weeds, knowing how important this really is.