Category B Classification QuestionsQ.

This is more of a general bookkeeping post, but you may find some similarities and things you can use You can do this manually with five file folders, or a press board classification folder. 

The problem with capital contributions is that the deduction must be amortized, with varying schedules depending on the classification of the items purchased.

Recommend you speak with a tax professional about how many days you can rent it out before you lose 2nd home classification and have to call it a rental.This reclassification may affect your mortgage 2nd home requirements.

From the posts, it seems that if my parents transfer the property to a LLC in which each owns a 50% interest, the default federal tax classification would be a partnership if we do not live in a community property state and the property is not located in a community property state?

The Section 121 Exclusion helps you avoid capital gains taxes.The IRS classification of income as a "Flip" for Real Estate Dealers is based on a few key factors including "frequency" and "intent". 

I've heard the stove can be the deal breaker when it comes to classification as ADU.In your area, Sherman Oaks, a friend of mine bought a house last year with a completely permitted garage conversion (done by the previous owner a few years ago).

It's a protected class. If

In the meantime use this resource to find out the areas around hereUse this rating and classification system I have created over time to get an idea of the "Class" for the area - A class B class & so onhttps://www.areavibes.com/Here is my rating & classification for each livability score. 80 and above A+78/79 A76/77 A-74/75 B+72/73 B70/71 B-68/69 C+66/67 C64/65 C-60/63 D59 and below F

I got the city mapped out by their neighborhood class, if you need to find a good neighborhood to start with, let's connect!