253. Save on Taxes and Don't get Audited! Short-Term Rental Strategies with CPA, Amanda Han

In today’s episode, we’re diving deep into the world of tax strategies for short-term rental investors with the renowned Amanda Han, a real estate CPA and tax expert. If you're in the Airbnb business, this episode is a must-watch as Amanda shares how to take advantage of the short-term rental tax loophole to offset your W-2 income, even if you don’t qualify as a real estate professional. With over a decade of experience, Amanda has helped countless real estate investors, including myself, save thousands in taxes while building wealth through real estate tax deductions and depreciation strategies.

We also discuss critical tax updates for 2024, including changes to bonus depreciation and how it impacts your tax filings. Amanda walks us through the best practices for tracking material participation hours, which are key for audit-proofing your Airbnb business.

Whether you're new to the short-term rental market or a seasoned pro, Amanda’s insights into real estate tax benefits could make a huge difference to your bottom line. This episode is packed with actionable tips, so get ready to take notes!

 

In this episode, you’ll learn:

• Airbnb Tax Loophole: Learn how short-term rental owners can use the Airbnb tax loophole to offset W-2 income without qualifying as a real estate professional.

• Material Participation for STRs: Understand the importance of tracking your hours to meet material participation and how it can help you save on taxes.

• Bonus Depreciation Updates: Get the latest on bonus depreciation for real estate investors in 2024 and how to apply it to your Airbnb property.

• Real Estate Professional Status vs Short-Term Rentals: Find out the difference between real estate professional status and material participation for short-term rentals, and how each impacts your tax savings.

• Audit-Proof Your Airbnb Business: Amanda shares her top tips for tracking hours and expenses, so you can audit-proof your Airbnb business and avoid IRS penalties.

 

Thanks for tuning in to this episode packed with tax strategies for short-term rental investors! Amanda Han’s expertise in navigating the Airbnb tax loophole and the latest updates on bonus depreciation are invaluable for anyone looking to grow their wealth while minimizing taxes. Whether you're aiming to qualify for real estate professional status or just want to ensure your tax filings are audit-proof, Amanda’s advice can help you achieve your goals.

For more great tips, make sure to visit Amanda’s site at KeystoneCPA.com where you’ll find a free eBook on short-term rental tax strategies. And don’t forget to subscribe to this channel for more insights into real estate tax benefits, Airbnb tax deductions, and other tips to maximize your profits as a short-term rental investor!

Need help managing your short-term rental and you don’t want to go it alone? Shoot us a message here and we’ll see if we can help.

Are you enjoying the podcast? Please subscribe, leave a rating and a review, and share it! This helps us reach others that may find the info helpful as well.

You can find all of our links here including our website, recommended resources, upcoming live event, short-term rental playbook, Instagram, and more!