STR News.

This article discusses new Illinois laws effective July 1, including a gas tax increase and a new minimum wage. Illinois hosts should be aware of these changes, as they could impact their expenses and potentially their pricing strategy.

Jackson County, Missouri, has reclassified short-term rentals, now taxing them as commercial properties. This change could significantly impact host expenses, requiring adjustments to pricing strategies. Hosts need to understand the implications for property taxes and profitability. Review your finances to prepare for increased tax burdens.

This podcast episode discusses cost segregation strategies for short-term rental properties, emphasizing the ability to depreciate the costs of renovations, new furniture, and other durable items. Hosts can deduct these expenses or depreciate capital expenditures, but it requires a specialist to perform a cost segregation study to maximize tax savings.

Sevier County, Tennessee rental cabins will soon see an increase in property taxes. This could impact your profitability as a host in that area. Review your budget and pricing strategy to account for increased expenses.