104: I Defended An AirBnB Host From An IRS Audit... Here's What Happened

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In this episode, I join my friend Avery Carl on The Short Term Show to discuss what it takes to successfully defend an audit on the short-term rental tax loophole. We dive deep into the importance of proper documentation, setting up material participation logs, and understanding how to track and defend expenses. I also share my personal experience of winning an IRS audit with zero changes.

Timestamps:

00:00:00 Intro

00:01:02 What Triggers Audits for Short-Term Rental Investors

00:03:45 Setting Up and Maintaining Material Participation Logs

00:06:20 Tracking Expenses and Financial Statements

00:08:54 Winning an IRS Audit with Zero Changes

00:11:32 Navigating the Audit Process

00:14:05 The Role of CPAs Who Understand Real Estate

00:16:40 Strategies to Minimize Audit Risk

00:18:50 Leveraging the Short-Term Rental Loophole Effectively

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*None of this is meant to be specific investment advice, it's for entertainment purposes only.