Hello, I've outlined my situation below and would love guidance on the question afterwards:
- I am a W2 worker in a non-real estate profession. My MAGI is > $150k. I cannot qualify as a real estate professional as my W2 does not focus on real estate and my work commitment is 50 hours/week.
- I own a short term rental that I personally clean, manage, and maintain. The average stay is < 7 days.. Despite not being a real estate professional, my understanding is I can claim losses in excess of revenue against my W2 income.
- I own a long term rental that I personally manage. The average stay is > 7 days. Not being a real estate professional, my understanding is I cannot claim losses in excess of revenue against my W2 income.
My question: Is there any tax claim configuration with the above profile where I can change the long term rental such that I can claim excess losses again my W2? I.e. Could I claim the two units' revenues as a property management firm and consider them both as active income as my efforts on the STR are significant?
