You can also look at Schedule E, which connects to depreciation, though it won’t show the exact cost basis.Since depreciation affects the final cost basis, you might want to ask your CPA for a summary of your properties' bases to save time in the future.They should have a system where we can give you not just the basis but also a detailed gain (and estimated taxes) calculation within a day.

. - A 6 month renter is NOT something one gains on demand.

Having moved to Texas from Tennessee, I'm actively exploring the local market and excited to connect with this community to gain insights and knowledge from experienced professionals.

I understand there are other reasons to consider that are not in the equation, i.e. tax planning and long-term benefit, improving cash flow over time, and equity gain.

This all sets the stage for what I share next and that's the frequency in which those who post about their lofty goals are seemingly unaffected by the sound advice those who have nothing to gain have to share.

We didn't get much traction with Roomster and Kopa as by-the-room platforms, and we are a smaller market without a Padsplit presence.There are a lot of work crews passing through our neck of the woods, so the private rooms are appreciated as a bonus. 

Since you mentioned your W-2 income is above the threshold, it’s likely that you don’t qualify for this status, so the losses would be suspended and carried forward to offset passive gains in the future.With REPS and 500 hours of material participation in your LTRs activity, you can release your losses from LP interest.

I believe I make MORE money by charging less in large part because of the reduced vacancy.If you can keep tenants on average a couple extra years and basically eliminate a 2 month turnover you have gained 2 months rent.

Bigger appreciation gains (3% appreciation on a $1M is better than 3% on $100K) and you have bigger loan buy downs.

However, we are unsure whether we need to pay taxes on the capital gains from the sale.