Based on IRS Private Letter Rulings (PLR 200805012 and PLR 200901020), development rights can qualify as like-kind property for a 1031 exchange if they are considered interests in real estate under state law.

I hopped on the roof with the garden hose to defend the property (even though initially it was contained) when suddenly an ember spread to a palm tree (that had been neglected to be trimmed for years) that instantaneously atomized/vaporized into hundreds of embers and spotted fires on several homes.

Looking for any creative input on how something like this could be structured.Taking part of the purchase price of real estate as a charitable donation and using said deduction to lower your taxes is tantamount to sending a cover letter to the IRS with your return requesting an audit.  

But what you make and what the IRS thinks you make can be two very different numbers. 

I will return to this situation in the end of this post, but first let me show you why the age of a person can be tricky when it comes to the IRS.

I would just be careful hopping back in now as interest rates and low inventory are making it very difficult if you aren't finding your own off-market options to buy.

If you tell the IRS it is an expense, it is no longer income.W2 income does not use a 2 year average for your base pay! 

Tax-wise, profits are taxed at your ordinary income rate, and frequent flips may subject you to self-employment tax if classified as a dealer by the IRS.

The IRS views it as taxable income because it’s not being used for the purpose of deferring taxes under the 1031 rules.For example, if you sell a property and only use part of the proceeds for the next investment, the leftover amount (after paying transaction costs, etc.) is taxed.

In other words, in the eyes of the IRS, the LLC would be non-existent.