Also, I always keep a few generators handy—trust me, it’s saved me (and my tenants) a ton of headaches!

At one time they were trying to figure out how  to finance a $10,000,000 roofing and siding project but got bogged down with attorneys and all the mess that goes along with a project that size.

Utilize a 1031 Exchange: Under IRS Code Section 1031, you can defer capital gains taxes by reinvesting the proceeds from the sale into a similar “like-kind” property.

If your credit is decent then I would utilize your cash as leverage to leverage:1.

Trying to manage a $1M Airbnb rental while it sounds good you got $6500 in bookings you still have significant costs to operate it with maintenance repairs, utilities etc.

For instance, at one point when I was working as a senior accountant in a property management firm, I was training a guy who was a CPA for 30+ years even though I was hired 2 months before him.I worked only in real estate accounting and financing and became CFO.

This explains why your taxable income was zeroed out on Form 1040, even if the standard deduction wasn’t utilized.

Assuming you don’t meet the 500 hour test, you will likely need to document the time of others spent working on your property.In addition, you need to have guests at your property as well.Until you are 100% sure you can utilize the short term rental loophole, I’d wait to do the cost segregation study.

There are a ton of illegal basement apartments all around Hudson County--maybe 10-15 years ago there was a program (at least in Union City) where many of these apartments were made legal, I think partly as a way for the city to generate revenue, and partly as a way for the city to have some oversight, since people were renting these apartments out regardless of their legality. 

When your tax professional prepares your 990t they will utilize the Cost Seg to minimize the UDFI tax.