There will likely be a partnership return required where you flipped a house with a partner and lost $120,000.If you sold the other property within the same partnership, it will also be reported on that partnership return.The net result to you is that you will receive a K-1 showing your income / loss which you then use to report on your individual return.If you made no money within the same year, you likely pay no additional taxes / get no additional refund.Best of luck.

I use apartments.com, so the money didn't end up in my account until 1/6/25.Is this considered income for 2024 or 2025? 

Any business could do this with their services and the savings would certainly justify the additional effort.But if you take advantage of the new law, wouldn't the renter do the same?

If you are sole member LLC you just take a distribution from your business account to your personal account.You are likely already reporting the income on a schedule E.

The intent of getting a sales agent license is to educate myself in Real Estate and create some additional income.If your relationship is such that you need to hide your license, you’d be better off with a different working relationship.  

Because of the additional income I am producing through the consulting business, I am afforded the opportunity to invest money in real estate.  

I am working toward passive income to live off of.

Typically 75% of rental income can be applied towards your DTI for qualification. 

I’d hate to see you walk away from that high an income and regret it.

I am seeking an experienced tax advisor (preferably licensed in CA) with strong expertise in US and German tax law, particularly in real estate investments, mixed income (W-2 & self-employment), and international taxation matters.