@Victor Yang To use the rental losses to offset any active income (W2), you'd have meet Real Estate Professional status (which would be difficult to do with a W2 job because you'd have to work more on real estate than any other job to qualify) OR have an AGI of $150K or less.

Quote from @Paul Gupta: Hi, in California, For jobs requiring a license, there was CSLB (contractor state licensing board) which would give either a General Contractor license, or specialty licenses by trade (~60 specialties such as concrete, welding tile, ) https://www.cslb.ca.gov/about_us/library/licensing_classific...My Q: does Maryland and DC area have similar requirements? 

Many “wholesalers” get all excited when getting a property under contract only to discover that a thorough inspection by a knowledgable professional results in repair costs 2 - 3 times higher than they calculated. 

I have over 30 years professional experience so not taking anything personal.You have corrected nothing. 

Readers should seek professional advice. 

You have to complete Schedule E if you have rentals.You should check if the turbo tax premier version allows the filing of Schedule E.With that said, using a software like Turbo Tax will assume you to understand what is deductible.If you work with a tax professional, you are more likely to have an accurate return.

Hi Everyone,I  am a professional wholesaler and property locator, I locate property on/off market, do a full due diligence on title, encumbrances, taxes ect...

Here is a newly created resource on BiggerPockets, which touches out cost segregation, accelerated depreciation, bonus depreciation, depreciation recapture, Real Estate Professional Status (REPS), STR Loophole / STR Strategy, example properties, and more.Cost Segregation 101 Author: Sean GrahamHappy to answer questions :)

I'm a Realtor and General Contractor with years of experience in Redding, buying, selling and developing properties; and will be happy to answer any questions you have about the market, the area, types of properties, etc.

When I spoke with a real estate professional, she said the home would probably sell for around $250k in its current condition.