Hello BP,My parents recently inherited a timeshare that carries with it some formidable annual maintenance fees.

But if the replacement property has less value in section 1245 items, you do have to compute the difference (which pretty much requires a cost seg study on the acquired property), and then you have 1245(b)(4) recapture on the difference.  

I'm considering doing it as an LLC to reduce liability.Thank youLike all legal items....you should consult with your attorney before making any decisions.

No I didn't install a foam backer rod, wasn't aware of this item, thanks for the tip :)Floor was very clean but not perfectly level as the house is over 100 years old. 

Also if someone will be hammering all day that is a good to know item. 

Your savings is good, but your income won't support that many properties if you do them wrong and need to carry 15k min reserves for each one.Focus on what the next property should be, maybe upgrade to a two-family and see how that goes.

If the remedy was designed by a qualified professional, the work carried out be an experienced contractor, the work was permitted and inspected by the town, then the value reduction would be zero.

These are the items to look out for with your tax professional.

I love what I do and have been so passionate about short term vacation rentals way back in the “mail the keys” and before Airbnb was an item.

Answer: No, buying an STR doesn't change the nature of historical passive losses on other LTRs you own and carried forward from prior tax years