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19 March 2024 | 12 replies
Some already good advice in this thread...I'll try and add a few more tidbits.It looks like you are going for the material participation test where you do 100 hours and no single individual is going to exceed that.
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19 March 2024 | 1 reply
Little did I know, it came with a side of tenant drama that would test my limits.Picture this: I step into my new property, all pumped up and ready to take charge.
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19 March 2024 | 52 replies
They are drug tested.
18 March 2024 | 2 replies
In order to qualify for the principal residency exclusion, an owner must pass both ownership and usage tests.
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18 March 2024 | 2 replies
It isn't that hard to get licensed, and if someone can't pass the test I would be very concerned about what kind of a leasing agent they are honestly.
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18 March 2024 | 5 replies
And even though virtually every sponsor agreement allows me to share investment information with others who might be advising me on it (especially when club members are bound by an NDA), I still ask the sponsor if I can share it, because it's a test.
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19 March 2024 | 25 replies
I think we need to do more to make sure that SDDI and entitlements pass a common sense test.
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17 March 2024 | 7 replies
there are 3 material participation tests we need to pass at least one of them: substantially all work time spent on the property is your doing (including cleaning and repairs)100 hours and more then anyone else( this one I think applies to you) 500 hours (hard to substantiate for one property)Please note for the 100 hour and more then anyone else test you need to not only keep a time log for yourself but a time log of ALL people who have participated in the property.
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20 March 2024 | 19 replies
The requirement for deducting tickets is that the trip is primarily for business, and you have only 1 day out of a week for business, so you do not pass the "primarily" test.
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19 March 2024 | 46 replies
He did no testing whatsoever, didn't even remove the heat shield on the water heater.