Quote from @Alex Brown: Seeking recommendations for a CPA or Tax Strategist who specializes in RE and REPS Status.This post should help:https://www.biggerpockets.com/forums/51/topics/1222774-expla...And none of us is allowed to offer you our services as long as this post is in the tax forum.

Quote from @Mary Jay: Quote from @Owen Rosen: Quote from @Mary Jay: Hi guys,1) So I have an insurance broker and it seems like the properties I have with him keeps getting inspected by the insurance companies.Our house that we live in is with a different insurance broker, 10 min away from the other ones, and our house NEVER gets inspected by the insurances.Roofs are the same age.

@Zhenyang JinIf your LLC includes you and your business partner, yes you should file a 1065 partnership tax return.

@Ella Marie the Pro's are you can build long term wealth, the Cons are you can lose money if you cannot properly quantify risk.

I have a capital gain taxes question:if I sell my home for 510k and provide the seller 10k seller credit towards escrow costs, would I be paying capital gains taxes in California for that additional 10k?

Curious why any tax pro would argue with that.If filing state tax returns did not take any time or money, then there is no harm in filing them.

When dissolving your two-member LLC and selling a property, deferring capital gains taxes individually can be complex.

A tax professional can help determine if you meet the criteria for deducting expenses in 2024. 

The rates vary throughout the State because of the different millage rates and tax districts, but in Richland County for instance, the taxes essentially triple once it goes from legal resident to non legal residence. 

I purchased my first single-family rental last year on LLC and I did the cost segregation study on that property now I talk with my CPA and mention about the cost aggregation study for filing the last year tax return (2024)he said that I don't need to use it because anyway my tax return is going negative because of all the expenses of closing cost insurance HOA and everything so what would you suggest me that use my Cross aggregation study for my tax return or not. thank you in advance for your response .Have you spoken with your cost segregation partner?