I did all of mine several months ago as they are single member LLC;s and I already have to go through fingerprinting, background checks for my NMLS license as well as audited financials for our fund.

Since leveraging this tax strategy could save you significantly on taxes if you do qualify you might want to seek personalized advice, that's tough to get in a public forum, to avoid missing out or getting audited and failing audit. ...

CPAs often advise against pursuing this designation unless the time commitment and documentation are robust, as failing to qualify can result in IRS audits or penalties.The 500-hour rule pertains to material participation in specific real estate activities or businesses.

After doing an audit on my time and realizing that I spent over 40% of my time shopping for materials, I knew I needed to find a better solution.

Can someone tell me what they pay monthly for business expenses for their software..

This process is done immediately if there is an asset they can show....the wrap note that is an asset.One of my coaching clients is selling his personal residence like this after he gets done with his forensic loan audit so that he can downsize.

I feel like in today’s day in age there are so many tools for STR operations and I cannot believe there is no integration for a merchant of sale transaction or some kind of financial app/ software that can take the remitted taxes and pay them to the government automatically.

Does anyone have any good ways or software to get better data?

What would be considered the easiest program for small hard money lenders to use to track loans and history and sending out 1098 's? Im a small lender.

If I have to manage the property by myself, I am curious which property management software (Hostaway, Guesty, Lodgify, PriceLabs, Hospitable) is better for sending check-in, checkout messages, and other automated messages.