While gifts exceeding $18K per year (2024) require filing Form 709, they don't create an immediate tax, but the IRS may scrutinize this as tax avoidance.Tax-Saving Alternatives:Prorated Section 121 Exclusion – If you lived in the home part-time, you may qualify for partial tax exemption.1031 Exchange – If your share was an investment property, reinvesting the proceeds defers capital gains.Installment Sale – Spreading payments over time may reduce your tax bracket.Adjusted Basis Review – Factor in capital improvements and selling costs to lower taxable gains.This post does not create a CPA-Client relationship.

or get good tenant for around 1200$ on vacant unit (i reduced rent from 1350 to 1200 as not much interest in current market) and hold few more years absorbing repair costs and contractor issues, trees issues, retention wall issues, tough neighbor issues, loud music, tobacco etc. smell issues, dogs barking issues.7.

Since there are not many ways to reduce taxes retroactively for a previous year, understanding options like these can be particularly valuable at this time of year.

Quote from @Eli Ling: You are losing over $160 a month or $1,920 a year by keeping a tenant who can barely afford the reduced rent, and he complains even though you provide pest service.

None really reduce the amount of money they have to come up with, but if they are broke as a joke do you really want them as your tenants?

.- Once we get more great reviews, the influence of that one will reduce but we have to make sure it doesn't prevent us to get bookings in the first place!

%Bus Benches          10,000                   24,000  intentionally reduced number of benches last year.SP aggregator          6,000                      8,000  as our occupancy gets closer to the top, less demand goes through this aggregator. 

I am not going to sugar coat it, going direct to seller is a FULLTIME MECHANICAL "JOB" but I was able to build a rental portfolio from doing this day in and day out. 

Other wise, it is being counted against you twice, once on the personal level and on the business level because you profits have been reduced by those payments. 

This way, you can offset other income and potentially reduce your tax liability.I recommend discussing your options with a tax professional who can provide personalized advice based on your overall financial picture.