My accountant tells me the depreciation schedule for an STR is 39 years, since it’s a commercial property. When I add an STR as a new acquisition, the highest depreciation schedule I can select is 30 years.
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This is correct, Stessa needs to add this immediately.
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I agree, this seems like a very obvious oversite and easy to fix. I hope they will jump on it.
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It’s been a while since I posted this. No movement yet. Hopefully coming soon!
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Yes I hope they do this soon. It seems like an easy addition and, without it, the platform cannot be used with commercial real estate
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Yes I hope they do this soon. It seems like an easy addition and, without it, the platform cannot be used with commercial real estate
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Definitely need this. I just started using Stessa and this is a big thing missing which should be an easy fix by adding in another option to select. Crazy to think a Real Estate system doesn’t account for this?
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@apskiprop I’ve been on Stessa for many years, probably close to the beginning. Since Roofstock bought Stessa, support is pretty much non-existent. Especially on these forums. Don’t hold your breath waiting for the fix.
As a bookkeeper and real estate investor, I completely agree that it would be super easy to just add the 39 into the dropdown menu and plug in the formula to calculate the annual depreciation value. With that said, I let my CPA and his software take care of the depreciation. I don’t fret over it within Stessa or on my reports. I just need to track the new capital expenditures for the tax year and give it to my CPA.
-Tom
@tlatuga oh I agree with you! And I’m definitely not holding my breath. But it doesn’t make it ok.
Some of the new features are nice, but foundationally this is supposed to be a bookkeeping platform. So I’m not going to let them off the hook for getting the bookkeeping right. Especially now that they charge for it!
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