$12 tril guaranteed, if that blows up who wants to bet tax payers are going to be on the hook for about $750 bil or more?!

Chase has been playing fast and loose with the rules lately, I've heard of $40k incentives to investors for being deadbeats, so it isn't surprising, although it is infuriating as a taxpayer who gets to subsidize someone else's failed investment.

Is there a case where the following occurred, in which the IRS has claimed a victory for the defendant under the following:-High W-2 income earner invests in short term rentals-taxpayer is not a real estate professional -offers rental for less than 7 days on average-materially participates and more hours than anyone else etc etc (100 hours and so forth)-files it on schedule E as passive and does not offer substantial services to be classified as schedule C - cost segs a million dollar purchase for 200k and deducts from W-2 income to owe no taxes There are a ton of moving pieces with this, and the more complicated something is with the IRS the worse it is for the taxpayer when dealing with an audit.

How much money that trial cost the taxpayer, I have no idea.

No one has lived in that house in all these years, but someone has been tending it.Several years after buying my house, my curiosity got to me and I checked the other house on the taxpayer database.

If your syndications are in the first year and are value adds, typically you will have losses at this point, so most likely there won't be impacting your tax payment much.

Congress passed the Taxpayer Certainty and Disaster Tax Relief Act which is effectively a tax extender bill, and then also passed the SECURE act.

"To qualify as a real estate professional, a taxpayer must meet the following two criteria (IRC Sec. 469(c)(7)(B):More than one-half of the personal services performed in all trades or businesses by the taxpayer during such taxable year are performed in real property trades or businesses in which the taxpayer materially participates, andSuch taxpayer performs more than 750 hours of services during the taxable year in real property trades or businesses in which the taxpayer materially participates."

I made use of about $10k in taxpayer-funded rebates for mine, so the final bill was "just" $26k, and taxpayers also partly picked up the bill for the ductwork because of how the local laws were written, which made it the same price as a regular system plus ductwork.Check out the new direct exchange geothermal systems. 

That will depend on how long you've owned it and how the "gift" was structured.That being said, the 1031 exchange requires that the tax. payer for the old property and the tax payer for the new property be the same.