Welcome to another episode of the Ski Summit Show, your definitive source for everything ski-related in Colorado! In today's episode, we'll be covering the newly announced opening dates for Colorado's major ski resorts for the 2023-2024 season. Plus, we'll share some insider real estate tips, including how to save money on your Short-Term Rental (STR) taxes.
What's the Buzz About Colorado's Ski Season?
According to a recent update from the Denver Post, Colorado's ski resorts have officially announced their opening dates for the 2023-2024 season. This is the moment winter sports enthusiasts have been waiting for!
Projected Opening Dates for Colorado Ski Resorts in the 2023-2024 Season
Vail Resorts:
Keystone: Mid-October, pending early season conditions.
Breckenridge: Scheduled to open on November 10.
Vail: Scheduled to open on November 10.
Beaver Creek: Scheduled to open the day before Thanksgiving, which is November 22.
Crested Butte: Scheduled to open the day before Thanksgiving, which is November 22.
Other Resorts:
Copper Mountain: November 13.
Steamboat: November 22.
Aspen: November 23.
Snowmass: November 23.
Telluride: November 23.
Granby Ranch: December 8.
Aspen Highlands: December 9.
Buttermilk: December 9.
Additional Information:
Arapahoe Basin: Will open "as soon as possible, as usual," with the five-year average being October 19.
Loveland: Expected to open in mid to late October, as usual.
Remember, these dates are all subject to change based on weather conditions and other variables. Last season's opening dates are also provided for reference, which could be helpful in estimating this year's actual openings.
Real Estate News: STR Tax Savings
If you own an STR near any of these resorts, this is also the season to understand how to maximize your tax savings. Did you know that STRs can offer substantial tax losses in the year of acquisition? Thanks to the ability to "accelerate" your depreciation, you can save thousands on your taxes.
Maximizing Tax Savings with STRs
High-Income Attraction: STRs attract high-income earners due to the ability to claim large tax losses in the first year.
Passive Activity Loss Rules: Since 1986, these rules have made it difficult for high-income professionals to offset their regular income with STR tax losses unless they qualify as a Real Estate Professional (REP).
STRs & REP Status: Good news—STRs are not considered "rental activities" under Passive Activity Loss Rules. That means you don't have to qualify as a REP to enjoy the tax benefits.
Accelerated Depreciation: Using a cost segregation study, you can classify parts of your property to depreciate faster, thus maximizing your deductions.
2024 Paint Colors, Market Updates & Top 5 New Listings
For those looking to spruce up their property before the ski season, check out The Spruce's 2024 Colors of the Year guide.
How's the Real Estate Market?
As for the market, rates are high and demand is the lowest it's been since I graduated from high school. We recommend keeping an eye on this Inventory Link for the latest market trends. If inventory doesn't increase soon, we could be facing challenges.
A Final Word of Caution
Owning an STR is not without its challenges. There are financial and operational risks to consider. Always remember to consult professionals and make well-informed decisions.
That's it for today's episode. If you found this guide helpful, please share it on social media and subscribe for more updates. We hope to see you in the mountains soon!
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