He’s also interested in staying in the home if possible and deduct the rent from the balance he owes.

A good real estate accountant can save you thousands of dollars by leveraging entity selection and formation, tax deductions, cost segregations, bonus depreciation and tax planning.I recommend finding an accountant who specializes in real estate taxation, business taxation, financial planning and tax planning.You may want to consider working with your accountant remotely to expand your options.I would also recommend looking for a accountant willing to work with you throughout the year.

If you're intentional with it, you may be able to include some travel deductions as well.

Be mindful of short-term capital gains tax, as profits from flips held for less than a year are taxed as ordinary income, and frequent flipping may result in self-employment taxes.While profits from flips do not qualify for 1031 exchanges (since flips are considered inventory, not investment properties), you can minimize your tax burden by deducting allowable expenses like renovation costs, loan interest, and holding expenses.If you're considering diversifying into rentals, explore opportunities to benefit from long-term tax advantages such as depreciation and lower long-term capital gains rates.

We are hoping to see a better market in 2025 with lower rates and hopefully some deduction in property taxes, though.

This type of investment can also offer great tax deduction, depending on your situation.Best of luck on your first deal, feel free to connect with more questions.

This is due to bonus depreciation which allows taxpayers to deduct 100% of qualifying property costs in the first year, in addition to regular depreciation for new construction and improvement.

Deductions?

A good real estate accountant can save you thousands of dollars by leveraging entity selection and formation, tax deductions, cost segregations, bonus depreciation and tax planning.I recommend finding an accountant who specializes in real estate taxation, business taxation, financial planning and tax planning.You may want to consider working with your accountant remotely to expand your options.I would also recommend looking for a accountant willing to work with you throughout the year.

Can still use the $250k primary residence deduction per spouse on capital gains.