It was a huge investment, but it cut the electricity cost by the full 2K per/mo all summer.

On a 2M property you should be able to write off roughly 300-400k, so that would cut your real estate income down for years, but not your W2, because I don't think you would be able to claim RE professional status. 750 hrs and min 50% of your time.

Hey James,Ah, I see where you're coming from—given the Chicago winter, cutting off electric isn’t really an option without risking serious damage like frozen pipes.

It will have to be a pass through/disregarded LLC to keep the tax payer the same and the 1031 valid.

Ask for seller concessions to cut down closing costs.

And yes I have done one in 50 years in the industry.Facts:1. purchase contract and gave 50k up front to bring tax's current. 2. it was all cash no contingencies.3. seller just goes dark no response to anything.4.

Would the federal tax liability be $140k at year 5 for the sale, with long term capital gains (ignoring any Net Investment Income Tax)?

It will cut down on the fake accounts created to promote certain individuals, markets etc.

Thanks for readingDavid $250,000 tax-free?

If the agent is not working out for whatever reason, cut the tie and move on.