He Traveled for Work. His Condo Didn't Have To Sit Empty.

A consultant who lives on the road

Charlie has worked as a management consultant at a Big Four firm for eight years. He's fully accepted the demanding, client-first lifestyle that comes with it.

Andrew met Charlie at a conference, and they became friends. As a senior manager, Charlie makes decent coin. When you include bonuses, other incentives, perks and benefits, his W-2 can push up to $450K.

The condo that sat empty

Then Charlie found out Andrew used to run a $12K-a-month Airbnb out of his condo in the city.

It turned out this home-sharing thing made a lot of sense, and a lot of money. Now, when Charlie travels to another state for a project, he toggles a switch that lists his place on Airbnb for $250 a night.

From burning 30% to optimizing

Charlie engaged Andrew for the Platinum white glove experience.

Quarter after quarter, Charlie went from a high W-2 earner burning 30% in taxes to someone actively optimizing them. Andrew set him up on material participation and worked through the questions that come with it:

• What does material participation require, and how does he document it?
• What happens if he hires other people to help run the rentals?
• How do we make sure he stays involved enough for it to count?

Three years later

That was three years ago. Charlie has since switched to the Gold tier, which meets twice a year, and he now runs Airbnbs in several states.

And guess what: travel, hotels and scouting for new opportunities became his lifestyle.

His career moved too. He's now at a boutique consulting firm, where he has become a partner. And his taxes have gotten more complicated.

When you're a partner, your business and personal life will mix

Thankfully, Andrew specialized in partnership tax compliance for six years at PwC before he left. The biggest lesson he took with him: if you are a partner in a business, your personal life and your business life will mix.

The difference between Andrew and other CPAs is that he'll tell it to you straight, whether that's a tax benefit you missed or, on the flip side, something that won't hold up.

As a former IRS Cross Border Activities agent auditing large business and international transactions, Andrew is quick to gather the documentation, and just as quick to challenge a client on something frivolous.

Is your home sitting empty while you travel?

Maybe you travel for work, split time between cities, or have a place that sits empty for weeks at a time. Short-term rentals can make a lot of sense, but the tax side only works if it's set up properly from the start.

Schedule a call today, and we'll look at the facts together.