All Forum Posts by: Natalie Kolodij

You can only depreicate what you actually paid. 

This thread is a lot of wrong information. Ignore everyone except michael. 

You're making a ton of money on the sale. Invest some into paid  consults with a few real estate tax experts. 

Traner Smith in Edmonds has a partner who is real estate specialized. 

Also Mark Canton in Seattle is super popular with local investors. 

Buy and self manage a short-term rental. 

Spend some of your money on a better tax strategist. That fee is a write-off. win win.

 The grouping electing is stand alone of the requirement to report each rental as a separate schedule E. 

You disagree based on what IRC guidance?

I loved this case and made a few videos on it 

Because it was literally like a list of everything we warn you about what not to do..all done by one taxpayer. 

I also like the part where he argued he worked 12 hour days every day he was at his lake house..but oh ya...of course occasional BBQ time and taking kids on the boat tubing. But that time was hardly any lol...okay sir. 

 Agree 100% 

Find a real estate specialized tax professional- your CPA should know how to handle real etate filings, or they're not the CPA for you. 

And Marc was also incorrect in his guidance- There is no K-1 issued when reporting as a JV, a K-1 is issued by a 1065 partnership. No 1065, no k-1.

1. your client should consult a tax professional for advice specific to their situation

2. When a spouse passes the remaining spouse has 2 years to file and receive the full $500k exemption sitll

 Losses are losses - created by depreciation or other expenses. ALl the same bucket.