In fact, the IRS has made it easier for taxpayers to take advantage of the home office deduction.Don't let that money go to waste.

(Unless the properties or taxpayer involved in the 1031 Exchange are located within a natural disaster area designed by the President of the United States.)

An individual qualifies as a real estate professional for the tax year if a. more than 50% of the personal services performed by the taxpayer in all trades or businesses during the tax year are performed in real property trades or businesses in which the taxpayer materially participates; , The rental or any other activity that you do not materially participate cannot be counted. andb. the taxpayer performs more than 750 hours of service during the tax year in real property trades or businesses in which the taxpayer materially participates., the rental or any other activity that you do not materially participate cannot be counted.

@Alexander Spira A taxpayer qualifies as a real estate professional if (1) more than one-half of the personal services the taxpayer performs in trades or businesses during the tax year are in real property trades or businesses in which the taxpayer materially participates, and (2) hours spent providing personal services in real property trades or businesses in which the taxpayer materially participates total more than 750 during the tax year.You have to meet both tests not just satisfy the 750 hours.

Income is only one of the things you can use to demonstrate your intent to hold as investment.Hi Dave, I believe that the gain is prorated if the taxpayer qualifies under one of the exceptions but has not lived in the property for at least two years, so there would be some tax due, just not 100%. 

I want to make sure I understand this tax payment thing properly.For Federal taxes, I know that there is a $800 minimum annual franchise tax in addition to LLC fees based on annual total income.For State taxes, we have to submit sales tax payments to the BOE depending on reporting due dates that they indicate.Are there any other tax / payments / fees I'm missing aside from the above?

I don't, the IRS is very mum about audit triggers and risk factors because they don't want the average tax payer to know what to avoid. 

This period begins on the first day of the taxable year(January 1 for most taxpayers) for which the Roth IRA owner makes his first Roth IRA contribution (Treas.

Have him complete an IRS from W-9 so that you have his taxpayer information.  

However, gifts made outside the U.S. are not subject to any gift tax.There are also special rules with respect to gifts from a NRA to a U.S. taxpayer and vice versa.