Staying at your rental properties may not be so great for tax purposes.You would need to pro-rate some of the costs from deductible to non-deductible.Furthermore, if you stay in the propery for more than 2 weeks, you limit your losses.

In the last three years, I sold off all of my oldest properties, but took the loss and am waiting to re-deploy into syndications (more time for me not being involved) or things I really love.

You keep track of all of your real estate related transactions (date, amount, vendor name, purpose, property identifier) and then create a pivot table from this data to quickly create a rough Profit & Loss Statement.

I don't think investors understand that in many foreclosure situations they are going to lose interest for sure and principal ( very common). the thought that 20 or 25% equity is enough coverage to alleviate a loss does not play out very often in a foreclosure situation.

The long-term adverse impacts if this were ever to come to fruition is the loss of jobs, the loss of tax revenue and decreased property values, all of which Bissen has acknowledged.Some owners are attempting to cash out because they don't want to wait.

When all was said and done, he was lucky that he only took a $20,000 loss. 

Thank god for capital losses to offset capital gains from much better performing assets.

For 2023's tax returns, you can simply remove the activity entirely from the tax return including the assets, or you can make them inactive / out of service for legacy purposes.You might have a passive loss carryover on Form 8582.

That's $8,000 in losses from one tenant your first year.

STR and LTR losses have unrelated requirements to be deductible against W2.