and also like what I do Utilize as STRs: You furnish and list these properties as short-term rentals (STRs) on platforms like Booking.com or Airbnb.Generate Cash Flow: The higher rental income from STRs, compared to long-term rentals, allows you to cover your mortgage/lease payments, generate positive cash flow, and potentially have funds left over for further investments.Positive Cash Flow: STRs often generate higher rental income than long-term rentals, allowing you to cover your costs and potentially profit.Tax Advantages: You can often deduct expenses related to your STR business, such as mortgage interest, property taxes, and maintenance costs.

I don't have my CPA, and I want nothing to do with tax prep.

In some cases, federal tax credits like those for low-income housing or economic development might also apply if the project aligns with certain goals.Instead of buying the land outright, developers often lease it from the tribe, which can reduce upfront costs and sometimes come with favorable lease terms.

Most don't understand taxes:  For example, a girl with purple hair at my credit union did not understand depreciation, and I did not get into Cost Seg with her because she really would not understand that. 

- The type of account(s) that hold your life savings is important in this decision (ie. savings, brokerage, pre-tax retirement, Roth retirement).

The only reason why I would do that is so I can 1031 and minimize my tax liability.

Do you use any fancy tool that you plug in your numbers to calculate your net per year ? Or Just use excel ?I use excel , but many times I forget to add any expenses and then it messes up the calculations.How do exper...

In the past, I cashed out my 401K(Paid income tax + Penalty).

You have to complete Schedule E if you have rentals.You should check if the turbo tax premier version allows the filing of Schedule E.With that said, using a software like Turbo Tax will assume you to understand what is deductible.If you work with a tax professional, you are more likely to have an accurate return.

Rolling funds from an inherited IRA into a pre-tax IRA or converting to Roth is not allowed.