Yes, the costs for utilities, insurance, repairs, and maintenance are deductible in the current year since they are considered ordinary and necessary expenses for managing and maintaining the property.

Part of each payment will go towards interest (taxed as ordinary income).This setup allows the seller to avoid paying the entire $300K in gains upfront and spread it out over the years.

In the next few years I may be moving back to Pittsburgh so this could be an option for me in the future.I did complete the backyard rehab project myself, where I went from a weed-ridden red cobblestone courtyard patio to a comfortable pea gravel patio with chairs, firepit, grill, string lights and life-sized games.

Abraham, for your fix-and-flip property, it’s important to note that these projects are typically taxed as ordinary income rather than as long-term capital gains.

To claim these, you’ll need to keep detailed records, including receipts, the purpose of the meetup, and how it relates to your business, as the IRS requires proof that the expense is ordinary and necessary.

It looksSelling now would subject you to short-term capital gains, taxed at your ordinary income rate.

Are all posts going into dirt or are they patios/concrete anchoring to contend with?  

Rental income, after allowable deductions, is taxable as ordinary income.Business Licenses and Fees: In BBL, you'll need a valid business license to operate an STR.

Or a patio.

Most recently, I worked with a client out here in Colorado that let their parade of homes house (from 25 years ago) in a gated community literally fall to pieces; mold between window panes, water infiltrating the kitchen due to lack of roof repair, patio pavers crumbling apart, downspout misplacements that caused water infiltration into the living room....just a mess.