I almost posted this on the LLC thread but didn't want to hijack.

Any insight on tax benefits of a STR would be helpful. I'm wondering about things like depreciation and expenses. Are there any things that could help or limit realizing the tax benefits?

Do a google search for Short Term Rental tax loophole.

For us it is an actual business with a TIN. We manage our STR via a general partnership we set up. All of our expenses are reported as business expenses, and since the appearance of the property is fundamental to marketing it, we can write off things like yard maintenance, improvements, security camera cloud subscription, etc. Everything we can consider a business expense is reported as such. This includes property taxes and insurance.

What i want to know is if I need to go the TIN route to write things off or if I can write them off while simply claiming any revenue and expenses on my taxes without it.

I will have a garage apt like you do so will be very apples to apples. I've actually been meaning to email you about that whole situation.

We use a TIN because it's a partnership and we don't want to put our SSNs on a W-9. If you're a sole proprietor, it doesn't matter. Your SSN is good enough for the IRS and anyone who needs a W-9.

It really comes down to filing a Schedule C, which does not require a TIN, but has a place for one.

I'd be happy to help you get started and provide any advice/info.

Who are you giving w9s to? Cleaning personnel? I dont anticipate using any contractors at this point, or is this what air bnb gives you on your income?

AirBnB needed a W-9

Thanks for the replies. How does appreciation work? I've read some conflicting things from my google searches.

New to STR in cstat, have read a ton, would be great to talk to you. Thanks in advance. UN@gmail.com

Check your email.

Your email address bounced as "the address couldn't be found, or is unable to receive mail."

UN is Skrockit88. Sorry for the confusion

Biggerpockets on the Money podcast did a show on this recently on some of the rules around Section 469, material participation and taking STR rental tax losses against W2 earners if you materially participate if your average days are 7 or less. They go through this in pretty good detail, but you should use your CPA to make sure this applies to you.

On the market - Episode 96 Guest: Brandon Hall and Kyle Mast

I'm not your CPA and this is for informational purpose only.