Moore County REIA Meeting: Tuesday, March 12th, 2024Time: 6:30 PM - 8:30 PMTopic: NetworkingLocation: Southern Pines Growler, 160 W New York Ave, Southern Pines, NC 28387Food & Beverages: Bring your own food and beverage.

Since I am not a real estate agent, I couldn't use the asset depreciation (QBI) as this is considered a passive income (or net loss in my case). 

I can get $1,000/ month in rent or do I just sell for a loss and try to find a cash buyer who would live in it.  

The insurance industry isn't as lucky as the banks but fortunately operates on reserves so they have not shut the world down (yet) like the banks would have if they were losing money this way - but the losses have gone on too long so now we all pay the piper one way or another.

Hi @Carla Thornton, I’m so sorry for your loss.

.- Understand passive activity loss rules limiting deduction of losses from passive activities.Capital Gains Taxes- Be aware of tax implications when selling property, considering short-term and long-term rates.- Explore strategies like 1031 exchanges to defer capital gains taxes.Deductions and Expenses- Know eligible deductions: mortgage interest, property taxes, insurance, maintenance, and management fees.- Maintain detailed records of all real estate-related expenses.- Use cost segregation studies to expedite depreciation of your properties to offset large income gains.Entity Structure- Choose appropriate legal structure (LLC, partnership, or S corporation) with consideration for different tax implications.Tax Credits- Explore available credits, like energy-efficient or historic rehabilitation credits.Qualified Business Income (QBI) Deduction- Check eligibility for QBI deduction, providing up to a 20% deduction on qualified business income.Record Keeping- Keep accurate and organized records for tax compliance and audits.State and Local Taxes- Consider varying state and local tax implications, including property and income tax rates.Tax Planning- Engage in proactive tax planning, consulting with professionals for a comprehensive strategy.Tax Changes- Stay informed about changes in federal, state, and local tax laws affecting real estate investments.Remember to consult a real estate tax professional for personalized advice based on your specific situation.

Screen tenants - Implement thorough tenant screening processes to minimize risk of vacancy and potential rental income loss.4.

I want this amount invested to be material - if the deal goes south, they should lose, and the amount needs to be large enough and meaningful enough to them that they will have a healthy fear of loss, not just optimism for upside. - How long have you been executing this strategy in this market? 

I'd speak with your CPA to confirm whether or not your wife can qualify as a real estate professional because that makes a difference in being able to use your losses from the cost seg study now versus rolling them forward.https://www.aicpa.org/resource...

Incurred claims and loss adjustment expenses were $20.0 billion".