Include gas, oil, repairs, tires, insurance, registration fees, licenses, and depreciation (or lease payments) attributable to the portion of the total miles driven that are business miles.Link~> IRS Tax Topic 510

It's so refreshing to see someone come on here and attribute their success to plain old hard work.

Truth is that the amount of equity or profit each party receives, or even whether a syndicated transaction is doable at all is based on the money partners' perception of the 'strength' of the general partner/sponsor.In my long and varied experience syndicating real estate property and mortgage deals, these are the attributes of the sponsor, in order of importance, that influence investors1.

These are attractive attributes that make me want to live and invest in Colorado.

You can combine these two tax benefits pretty easily.For example, assume:Duplex value: $500k, divided evenly between two identical halvesMortgage Balance: $200k, $100k attributed to each halfTotal Equity: $500k - $200k = $300k, or $150k each halfSec 121: Sell your half for $250k, pay off loan, take all gain tax-freeSec 1031: Sell the investment half for $250k, roll value into replacement props and defer taxationHere's a bit about mixed-use props and 1031 Exchanges (See Section 3): https://apiexchange.com/1031-exchange-primary-resi...

When I returned there was a horrible smell in the unit - I attributed it to being closed up for months and thought it would dissipate over time.

I think some banks attribute a certain amount of your rental income to your overall income (maybe 60%?)

You will need to file a tax return in the state of the rental for the income and expenses attributed to that state.

I attributed some of it to work related stress. 

From the same documents, determine how much is attributed to the wrap fee.