Typically its done for open space or use for community property (ie. fire station location or other county use) and typicaly would assist in increasing tax base.  

If you need financial help, ask under the "Finance, Tax, and Legal" forum.

If you need financial help, ask under the "Finance, Tax, and Legal" forum.

When that portion was complete, I could then receive draw money which allowed me to pay my utilities, taxes, and mortgages.

Thanks.Hi Courtney,BiggerPockets Pro members get access to all Stessa core (free tier) functionality – plus unlock exclusive access to advanced features, like unlimited portfolios and Schedule of Real Estate Owned (SREO), all at no additional cost.BiggerPockets Pro members have free access to all Stessa’s featured benefits as well as advanced features, like unlimited portfolios and Schedule of Real Estate Owned (SREO) – giving Pro members exclusive value not offered to Stessa Free members.Simplify tax time and help maximize deductions Organize financial data and accountingEasily track key property metrics to optimize and boost ROI. 

I will not comment as to the tax laws and underlying rules - that is a discussion you can have with your tax advisor who presumably you are paying to help you.What I will do is provide practical and business guidance on tracking time.Firstly, there are apps available that can assist with time tracking where you can specifically detail your time, who you met with, etc.

One thing to think about are the tax implications of being a Canadian paying US taxes.

I then would have my tax cpa enter in or do it after discussing tax based items (depreciation- MACRS, reserves, year end accruals, reserves, etc.).

If the signs point to selling, consult your CPA about the tax implications.

And, when you see your next tax bill, your heart will stop.