Petur Karlsson
Real Estate Professional Tax Status - Help!
8 January 2022 | 20 replies
I know the rehab costs get added to the cost basis of the property and will be depreciated rather than discounted as operating expenses, but I want the real estate professional status for two reasons.1) I can't use depreciation to offset income tax without it, as our household income exceeds the IRS limit for real estate deductions.2) There are many other things to write off, such as taxes, insurance, subscriptions, meals, books, phone & internet bills, miles driven for real estate errands, office supplies, home office deduction, etc.However, maybe it's not that important for me to achieve the real estate professional status this year, as I have just learned that I can carry the losses forward into next year and stay focused on achieving the status by the end of 2021.
Anne James
Michael Quarles: The "As Is" Process of Podcasts 77 and 81
5 August 2015 | 14 replies
You'd just sell them a meal and happily take their money.
Alyssa Correthers
Help Start My Career!!!
12 June 2018 | 52 replies
OK seriously.. this definitely deserves 5 virgins, 3 goats, 6 brown chickens (virgins too), and 3 homecooked meals!