Little crunch time to get everything to the team by the 7/15 deadline for the extended filings (but got it done!). I was using Wave for my non real estate which was fine albeit all manual … Stessa failed me big time on missing imports etc. I’m considering moving to Xero or QBO… the reviews seemed pretty good on Xero and they are half the price - also have Claude connectors etc. Anyone use them? Also if I’m going to make a shift I might as well better adhere to the format the tax team needs to file - can someone point me to the chart of accounts file that Ryan recommended?

Hey everyone. Happy to join this group. I have a question in regards to whether anyone has experienced an IRS audit on an STR purchase and won where you manage the property remotely and availed yourself to the STR tax loophole in particular to the 100 hour material participation test where no one has done more hours than you. @Ryan Bakke, CPA I believe you mentioned the IRS has come and performed 7 audits on your clients where you have won on all of them. Was anyone managing their property remotely? My CPA believes I would fail the audit if I wasn’t within driving distance to the property and that I would have a hard time demonstrating material participation. I disagreed but was curious to hear other opinions.

@Mason Kimball, CPA - I was directed to reach out to you for quarterly tax filing for Monroe County. Would you be able to help me?

Is there a Coffee chat with Ryan session at 10 am today - July 10?

I’m a professional photographer and have 1 STR about 3 hours away from me. I had some unique questions for this situation: 1) I captured all the photos and did all the styling for the listing photos, could I bill from the photography business to the STR business for payment of a reasonable wage for the work? 2) Could I use the house for marketing purposes for the photography business - example - could I run a giveaway to my photo clients that every client that purchases a package with us in the next 6 months is entered to win a 2 night stay. I would pay for the 2 nights from the photo business to the STR business. 3) As a perk for my staff, could I offer team members a 2 night stay as a benefit of working for my photo company and pay for those 2 nights from my photo biz to the STR biz? @Ryan Bakke, CPA / @Mason Kimball, CPA