Here are the 7 material participation tests as outlined in the IRS regulations:1. 500-Hour Test: The individual participates in the activity for more than 500 hours during the tax year.2.

Setup a test account and run through some of your issues you currently have and see what results you get.

Hi everyone,I'm looking for guidance on setting up my LLCs to be as tax-efficient as possible as I prepare for my first multifamily property purchase.

What most people do not understand is many of the products made overseas when tested (not saying LL did this) they use a different product than what they produce.

I’m looking for feedback from fellow investors and those willing to test it out.

Hi Dave,I agree with Zachary above that it is fairly uncommon for an experienced tax professional to review only a certain portion or even an entire return someone has self-prepared.

While you will need an engineering company to complete the Studies, you will need a tax preparer to file Form 3115 to do the catch up, as suggested above.

The fact that you were able to rent the property after a full gut renovation indicates a good return on your investment, and refinancing after the rehab was a smart move to recoup your cash and prepare for future deals.One key observation is the challenge of rehab budget overruns.

Be prepared for higher rates/and or fees though.

This is a great example of how tax planning is as much or more important than tax preparation.