From the Wyo Stays team — a licensed Wyoming real estate brokerage. Educational information, not tax advice. Deductibility is fact-specific; confirm every category with your CPA. (Note: some STRs are reported on Schedule C rather than E depending on services provided and participation — your CPA decides which applies to you.)
Owners routinely under-deduct simply because they forget what counts. This is the field guide. Track these all year — the gated version is a printable checklist plus a ready-to-use expense spreadsheet so April is a hand-off, not a reconstruction.
Operating expenses (the everyday stuff)
- ☐ Cleaning & turnover fees
- ☐ Supplies & consumables (toiletries, paper goods, coffee, welcome items)
- ☐ Restocking / inventory replacements
- ☐ Repairs & maintenance
- ☐ Lawn care, snow removal, pest control
- ☐ Utilities — electric, gas, water, sewer, trash
- ☐ Internet, streaming, and smart-home subscriptions
- ☐ Pool / hot tub service and chemicals
Management & platform costs
- ☐ Management fees
- ☐ Channel / OTA fees (Airbnb, Vrbo)
- ☐ Booking software, PMS, dynamic-pricing tools
- ☐ Photography, listing, and marketing costs
- ☐ Direct-booking site / hosting
Property costs
- ☐ Mortgage interest
- ☐ Property taxes
- ☐ Insurance (the commercial STR policy)
- ☐ HOA dues (where applicable)
Furnishings & equipment
- ☐ Furniture, décor, appliances (often depreciable — some may qualify for accelerated/bonus depreciation; ask your CPA)
- ☐ Linens, kitchenware, small equipment
- ☐ Smart locks, cameras (common areas), noise monitors
Depreciation (the big one)
- ☐ Building depreciation (recovery period depends on classification)
- ☐ Cost segregation to accelerate short-life components (see The STR Tax Advantage Guide)
- ☐ Land improvements where applicable
Professional & travel
- ☐ CPA, attorney, and consulting fees (including this kind of planning)
- ☐ Mileage / travel to the property for management
- ☐ Business use of phone and, where it qualifies, home office
- ☐ Licenses, permits, and registration fees
Financing & startup
- ☐ Loan points / financing costs (per the rules)
- ☐ Certain startup costs (ask your CPA how to treat them)
Documentation is the whole game
A deduction you can't support is a deduction you'll lose in an audit. Simple habits that protect you:
- Separate bank account / card for the rental — never commingle.
- Save every receipt (a photo in a dated folder is fine).
- Log mileage contemporaneously.
- Keep the books current monthly, not in an April panic (see the STR Bookkeeping & P&L Tracker).
- Track material-participation hours if you're pursuing non-passive treatment (see the Material-Participation Hours Log).
Clean books, handed to your CPA
We keep the properties we manage on clean, categorized books and produce a year-end owner packet — income, expenses, and repairs already sorted — so your accountant works from a document, not a shoebox.
→ Unlock the printable checklist + spreadsheet, or → get a free property evaluation.
Educational information only — not tax advice. Confirm every category with a qualified CPA.