All Forum Posts by: Michael Overall

Thank you for the reply I will do that

haa you are right I don't like your answer, oh well better then getting jammed up by IRS thanks for your time and insight.

I understand the utilities will go to basis, on the interest is it able to be yearly deducted based off the conversation you referenced if using form 4952

Good day, If an investor has 10 rentals and wanted to over time sell them and put the money tax free from a 1031 toward a large purchase is there a process to do that?  Say they sold the properties over 3 year period and could not sell the rentals together as a portfolio.

Could they put the money from each sale into a DST then use the total to buy a expensive rental property?

Is there a way to use a 1031 over time to sell rentals and use the tax deferred money to buy a larger purchase?

Thanks

Thanks for your help, I really don't mind where it goes. I just didn't want to get in a jam.  I thought basis would be safest so I will go that route. Thanks

Good day, I bought my first 2 properties in 2024. I purchased then started the remodel before trying to rent. One was completed and rented in OCT, the other I am not done with and will be in service Feb 2025.  I understand the basis is all the remodel cost or labor and materials.  I turned on utilities and kept them till the tenant took over on the one and still have the other.  I also paid interest on the loans.

Is the utilities for the house that is completed and rented a expense deduction for the year or does it go into the basis?

Is the utilities for the house that is still vacant an expense deduction for the year or does it go into the basis when completed?

Is the interest for the house that is completed and rented a expense deduction for the year or does it go into the basis?

Is the interest for the house that is still vacant an expense deduction for the year or does it go into the basis when completed?

Thanks for the help.

It seems around here they are a self-contract service, so I assume an invoice/ W9 employee. Not over interested in actually doing the work it just wondering if it makes sense to use those hours to achieve REP and reduce my W2 stuff. Another concern is with the market downturn there likely would be less of these positions. Thanks for your thoughts. 

I have done some research and found several things (broker, flipping etc) that count towards Real Estate Professional (REP) tax status. I was looking specifically for using hours conducting real estate appraisals or home inspections, does anyone have any credible information if these hours are allowed or not?

Thanks in advance, I am wondering if this is a method to be able help obtain REP status.

Mike