Income taxes- if needed can you use your 2 year primary residence deduction if a taxable event occurs.13.  1031-  if any part of the insurance claim is a taxable event is there some way to do a 1031 with lenient time frame adjustments?  

On June 7th, we sent an itemized list of deductions via text; he responded on June 8th, disagreeing and threatening legal action.

Also why are you deducting 50% for expenses? 

My understanding is that once I am a partner in the LLC, any money that I put into the property will be tax deductible.

If the cost of rehabbing it is more than it’s insured for, they’ll just cut me a check for what it’s insured for minus the $2,500 deductible.

Be mindful of short-term capital gains tax, as profits from flips held for less than a year are taxed as ordinary income, and frequent flipping may result in self-employment taxes.While profits from flips do not qualify for 1031 exchanges (since flips are considered inventory, not investment properties), you can minimize your tax burden by deducting allowable expenses like renovation costs, loan interest, and holding expenses.If you're considering diversifying into rentals, explore opportunities to benefit from long-term tax advantages such as depreciation and lower long-term capital gains rates.

Whichever loan that you decide to use, the interest will be tax deductible due to interest tracing rules.

Key points include:Security Deposits: In Indiana, there’s no legal cap on security deposits, but you must return the deposit (minus any valid deductions) within 45 days of the tenant vacating the property.Evictions: Follow the formal process carefully.

Insurance would cover it, I would pay the deductible, and no assets would be lost.If you are in an area like San Diego where people are more likely to sue, a judge is more likely to find you guilty, and the payout is expected to be higher, you may consider an umbrella insurance policy.

It's almost impossible to get deductible amount on some instances and owners are paying out of pocket.