All Forum Posts by: Steven Hamilton II

Doesn't matter as AR is not a community property state.

Yes, you need to register it in CA. 

https://www.biggerpockets.com/...

 Depending upon your situation, it does matter. And it may be worth it to carry over those losses. Many of us accountants will actually run the numbers with you and we partner with engineers as mentioned. That is a reasonable price point to look at. Cost Segs are not as expensive as they used to be. 

The response they gave you was not appropriate. Reach out to one of the accounting firms listed here: https://www.biggerpockets.com/...

 Yes, we have clients worldwide.

Chances are it may not be correct anyways from Deloitte, we fix a lot of issues that come out of other firms large and small.  Jeff is correct in that the planning you will get from there will be minimal. Any decent accountant is charging for tax planning. Our time and knowledge is our commodity. 

There are several accountants here who can definitely help you out such as @Natalie Kolodij or @Jake Hottenrott

Not very many people I'd refer you to for trusting that situation. I would tag @Natalie Kolodij and @Jake Hottenrott

Typically that would be an office or field examination. I do a ton of audit representation. I handle 25-50 open cases at any given time. The average exam is 3-9 months from open to close. 

STR properties that have an average length of tenancy of 7 nights or less qualify as non-passive rentals. Therefore if the required hours are put in, then you may be able to use the losses to offset your non passive income such as W-2 wages. That is still in service, those will have to be determined if they are repairs or improvements depending upon the project and its effect on habitability as well as material that was existing in the property prior.

Linda and Natalie are correct. End of story. They understand this backwards and forwards. You should strongly consider paying for competent guidance like theirs. 

Tax is not plain English. It is definition built upon definition... etc. An audit can happen even if everything is correct. I carry a caseload of 25-50 open IRS audits. Everything here is discussed regularly in these cases.  And it can mean some huge adjustments in the case of those who interpreted incorrectly.

You claim what is true and accurate, not what you think will avoid audit. Failing to claim expenses can lead to mortgage fraud or even major tax issues if you get certain refundable credits.

Not worth my time to comment further. Natalie and Linda nailed the replies perfectly. Your understanding is not that of an expert who has studied tax law. They took their time to give you guidance at no charge. That was kind of them.