He thought about it for 30 seconds, told me I was right, and had all his printed marketing materials trashed the next day and reprinted without that line.

I don't do physical work on the property, but I do detailed design plans, and select and buy all the materials.

I'll first start with our due diligence materials. but first, I highly, highly, highly recommend visiting www.optoutprescreen.com.

Given that you have no income, and it's likely you may not meet the material participation threshold for 2023, the loss would then be kept on form 8582 to be used to offset future years of income from the property in the form of a "carryover loss"

I follow a lot of Dave Ramsey groups and listen to him a lot, and this seems to be the approach he promotes.

And I would certainly not promote my own content here, but it may be free and accessible via our website.

Material Participation TestFinally, you must materially participate in each real estate business or property.

Hey @Israel Mendiola, As accountants on BP we cannot self-promote.

Hi anyone with a recommendation for a tax expert experienced with handling proceeds from a lawsuit involving defective building material.

.—(1) A materialman or laborer, either of whom is not in privity with the owner, or a subcontractor or sub-subcontractor who complies with the provisions of this part and is subject to the limitations thereof, has a lien on the real property improved for any money that is owed to him or her for labor, services, or materials furnished in accordance with his or her contract and with the direct contract and for any unpaid finance charges due under the lienor’s contract.