Hi Mark and Matt
Long time listener and KKOS customer
I am a real estate professional (non W-2, rental property owner)
Converted our personal lake home 2 years ago to long term rental.
In December 2022 ceased long term and have on Air bnb for 2023.
House is in Iowa on a lake in a small town. NO ONE wants to be there in the winter! Access is dangerous due to snow and ice so we do not offer it on Air bnb until spring though fall.
From a tax perspective what happens with the days it is “closed” due to seasonality? We do not use the property with exception of a few (less than 7) working days. The good news is we have over $35,000 in reservations so far for the upcoming season.
I’m also somewhat confused as to cost segregation given this was our lake home for 10 years, 2 years ago, converted to long term rental (no cost seg at that time) now in 2023 moving to STR summer through fall.
Thank you!