All Forum Posts by: Victor N.

If you give her a 1099C, you are forgiving the debt. I certainly would do more to try to collect. Contact a local collections lawyer and investigate your lien rights

What kind of panel was it?

Only on a sale or exchange

Simply none

For an amount like that and a tenant like tjat, I would hire a collections attorney and sue him. There will be law firms in your area that do only collections and they will most likely take case on a percentage of what they collect. You should only have to pay the filing fees.

@Ashish Acharya @Eamonn McElroy. Good catch. I didn't notice the OP's state with my early morning eyes. I agree.

@Ashish Acharya If you both own membership interests in the LLC and elect to tax it as a partnership rather than a corporation, you must file a 1065 partnership return and not report the income and expenses on your personal Schedules C and E. The partnership will then give you K-1s which end up on your personal return. Ashish is correct if only one of you owns the LLC and it is treated as a disregarded entity.

No, you must exchange into like kind property to defer tax under 1031. After the Tax Cuts and Jobs Act, like kind property is now real estate used for business or rental or investment. A personal residence is not like rental real estate for purposes of 1031.

@James Galla forgot to tag you above

The SALT limit is only for personal use property like your residence. There is no limit on deducting property taxes or other state and local taxes for business use property or rentals or farm expenses.