Focus on tax-saving strategies such as cost segregation studies and bonus depreciation to accelerate deductions.By qualifying as a Real Estate Professional (spending 750+ hours annually and materially participating), you can offset your wife’s S-Corp income with real estate losses, reducing your tax liability.

Hi All, any input on renovating a house and possible tax exemptions under an LLC?

Maybe that is why the old owner didn't pay their taxes?

@Anita Z.I recommend finding an accountant who specializes in real estate taxation, tax planning and financial planning.

Be mindful of short-term capital gains tax, as profits from flips held for less than a year are taxed as ordinary income, and frequent flipping may result in self-employment taxes.While profits from flips do not qualify for 1031 exchanges (since flips are considered inventory, not investment properties), you can minimize your tax burden by deducting allowable expenses like renovation costs, loan interest, and holding expenses.If you're considering diversifying into rentals, explore opportunities to benefit from long-term tax advantages such as depreciation and lower long-term capital gains rates.

And she’s the one that released the latest tax rates and year to year comparisons in September of 2024.

As the above paragraph says they assume you may have UNINTENTIONALLY discriminated, so the burden of proof is largely on your shoulders. 

Plus, he said let the tenant go to court as burden of proof is on him.

Purchase Terms: Clearly outline the terms for your brother to purchase the property from you, including the timeline and price.To minimize the financial burden on your HELOC, refinance the property into a traditional mortgage as soon as possible.                                                                                           

Beyond immediate safety concerns, the long-term financial implications, including taxes, are a pressing issue for those impacted by the disaster.