All Forum Posts by: Randall Tannen

Quote from @Michael Plaks:

The entire stay is calc'd into the average stay for both tax years.

Quote from @Jane Dang:

My rental property's roof is 20+ years old.  Last year, a heavy rain and storm damaged it and I had to replace the entire roof which costed me $21K.  

Since this is a replacement, consider taking a partial asset disposition on the old roof. Speak with a tax pro to determine if the roof is QIP eligble to be expensed, only applicable for non-residential real estate.

Hey @Andy Gibson 

The upside is fairly obvious (i.e relavitvely immediate funding etc. etc.); the larger drawbacks of course are lost investment gains in the plan and potentially needing to repay the loan balance in full if circumstances change, among others. Good luck!

@Davin Pauline

You can check with your local REIA and speak with other investors there to see if they may have some helpful referrals for you.

@Kayla Utley

Hey Kayla, There are a number of tax professionals commenting on the forums here, well versed with STR's and related strategies. Feel free to reach out and speak with a few. Now is not the best time though if your 2023 returns are already filed - so consider reaching out after the October deadlines.

@Linda Cunliffe There are a number of competent tax professionals commenting on the forums here. Most of us work remotely, so pick a few and message them to see who will work best with you. Good luck!

@Morgan Hill Do you have your rentals in the S-Corp as well? Usually you'd just want your brokerage/flip activities in an S-Corp; not the rentals. There are a number of competent tax professionals commenting on the forums here. Most of us work remotely, so pick a few and message them to see who will work best with you. Good luck!

@Michelle Sangalang obtaining your real estate license won't help you in the way you're thinking it may. However, the good news is that there are other planning options available where you don't need a real estate license. You definitely want to get with a competent tax advisor for personalized advice. Good luck!

@John Cook Often times, niche experience is more critical than geographic location. If you are open to working remotely, there are a number of competent tax professionals commenting on the forums here. Pick a few and message them to see who will work best with you. Good luck!

@Michelle Cohen If you are open to working remotely, there are a number of competent tax professionals commenting on the forums here. Pick a few and message them to see who will work best with you. Good luck!