Please keep those posts in the Classifieds forum.Need a spreadsheet or form?

Please keep those posts in the Classifieds forum.Need a spreadsheet or form?

2) How would you classify the property in the 2024 tax year and beyond?

@Janine Sharma The decision to classify your onsite mobile home park property manager as a W-2 employee or a 1099 contractor depends on the degree of control you have over their work.

The tax advantages of buying/holding gas stations are pretty great.Many of the components of gas stations including pumps, tanks, external parking areas, and other equipment are classified as either 5 or 15 year property so you can bonus depreciate a lot of it (minus the land value) and get significant deductions in year 1.With the 2025 bonus depreciation rate at 40%, a $1 million gas station acquisition could still lead to $100K+ in year 1 deductions depending on the specifics of your deal.

Please keep those posts in the Classifieds forum.Need a spreadsheet or form?

Please keep those posts in the Classifieds forum.Need a spreadsheet or form?

I believe buildings with five or more units are classified as multi-family properties.

Another angle might be looking at how the profits are classified.

If you are not Materially Participating, the loss will be reported on Form 8582 and like be classified as "Unallowed".The ordinary loss from Schedule E cannot offset the Schedule D capital gains.