FYI, the mortgage debt relief act of 2007 has been extended again.

Delegating these logistics can be a relief, especially when unexpected curveballs come your way.Now, let's talk about creative financing options.

Unfortunately, if you invest through a QRP retirement account, these passive losses remain trapped and cannot be used to benefit you today when you need the most tax relief.

Please note that the account into which the funds are deposited must be the same type of account from which the funds were first withdrawn (e.g. withdrawal of pre-tax funds from a 401k could be deposited in a pre-tax IRA but not a Roth IRA - "like to like").Loans:Payments on a 401k loan taken under the CARES Act must be paid back starting in 2021 over a 5 year term.Here are the details regarding the loans:NEW LOANS:The CARES Act which was enacted to provide relief to individuals impacted by COVID-19 allows for increased 401k loans and more flexibility for repayment of these loans.Specifically, you must be an individual who meets one of the following conditions to demonstrate that you have been impacted by the crisis (and it will be your responsibility to retain documents in your files that demonstrates that you are a qualified individual):Individual who is diagnosed with COVID-19, with a CDC-approved test;Individual whose spouse or dependent is diagnosed with COVID-19, with a CDC-approved test; ORIndividual who experiences adverse financial consequences as a result of being quarantined, furloughed, laid off, having work hours reduced, being unable to work due to lack of child care due to COVID-19, closing or reducing hours of a business owned or operated by the individual due to COVID-19; or other factors as determined by the Treasury Secretary.On or before September 23, 2020, such individuals take a 401k participant loan subject to the following terms:Maximum Amount of the Loan: 100% of their 401k balance not to exceed $100,000.

CA had the wettest winter this year and IRS threw us a lifetime.We claimed disaster relief as part of IRS disaster relief that allowed individuals and businesses to extend any deadline falling after Jan 8, 2023, to Oct 16, 2023.

This is such a relief.

Well, its a relief to know that this exact scenario is common.

.- Buying assets does not necessarily allow you to offset your other income- If it does, it's for one year only- REPS and realtor license are unrelated- REPS is difficult, sometimes impossible, to qualify for when you have another business you manage- Managing the practice probably does not make your income "passive"- There're other potential tax strategies to explore- None of them are a magic bullet that suddenly erases your taxes, they can provide a partial relief onlyYou may find this long thread interesting (warning: like all public discussions, it has a lot of misconceptions): https://www.biggerpockets.com/forums/51-tax-legal-issues-contracts-self-directed-ira/topics/942575-tax-benefits-from-re-investing-in-high-income-earners

The Servicemembers Civil Relief Act states:   a servicemember who receives permanent change of station orders or who is deployed to a new location for 90 days or more the right to terminate a housing leaseI understand, at the end of the day, this is a business and we, as investors, are looking to produce a profit at the end of the day, yet maybe because I am biased, I believe when dealing with military members (Active, NG, or Reserves) , especially during that lease process, it takes some additional conversations. . . 

In petitioning for bankruptcy relief, the filing entity will have to list assets and liabilities to paint a complete financial picture.