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- What Your CPA Gets Wrong About The STR Tax Loophole | Amanda Han & Matt MacFarland from Keystone CPA
What Your CPA Gets Wrong About The STR Tax Loophole | Amanda Han & Matt MacFarland from Keystone CPA
Summary
Learn how to leverage the short-term rental (STR) tax loophole to deduct rental losses against other income, even with a W2 job. Understand material participation tests, the grouping election, and common audit pitfalls to maximize your tax benefits.
Frequently Asked Questions
(4 answered)More from Regulations & Compliance
Illinois is grappling with housing reform, with Gov. Pritzker's BUILD plan aiming to legalize missing middle housing and ADUs statewide to lower costs. The plan faces opposition from municipal leaders concerned about home rule authority. The state faces a housing shortage of approximately 270,000 units, significantly impacting affordability.
New York City has launched the Office of Deed Theft Prevention, aiming to combat fraudulent property transfers, particularly those targeting Black homeowners. This initiative, housed within the Department of Finance, will centralize efforts in detection, homeowner assistance, and enforcement. The new office will coordinate with various city agencies and state partners, leveraging new state tools to protect homeowners' generational wealth and stabilize neighborhoods.
The Short Term Accommodation Association (STAA) has appointed Janet Uttley as its new chief executive, replacing Andrew Fenner. Uttley brings extensive tourism experience from VisitEngland. This leadership change occurs at a key moment for the short-term rental sector, promising to shape future policies and industry influence.
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