Until next time.Herzliche Grüße-Andreas* The preceding has been my opinion only, the views are my own, and are intended for educational and entertainment purposes only and does not constitute financial advice.

The IRS is not going to pursue you if you decide not to amend.Now, if you intentionally omitted a deduction, for example to show higher income for a lender, it could constitute mortgage fraud - something I certainly would not recommend.

Giving a property for free to a LLC does not constitute a separate entity.The proper way is to set up a LLC, fund it and then buy assets in that LLC completely separate from you. 

Note that CA does not recognize series LLCs, and has a pretty broad interpretation of what constitutes "doing business" in the state. 

No "trade or business" - no 1099s.The IRS definition of trade or business is flimsy, and we can debate for a long time - and never agree - whether rehabbing a property prior to it being placed in service constitutes operating a trade or business.Since issuing 1099s is a good business practice and is a very minor hassle, I would advise my client to issue 1099s anyway, to be on the safe side of compliance.

After you know your why, work backwards to establish short-term and long-term goals to help you accomplish your why.Understand what to you constitutes a great deal.

Still the question of what constitutes "considering it" and whether the buyer opened the door, and all that other causation stuff.So let me ask you, Brad: If the buyer "opened the door" (with, say, an e-mail stating that the ARV per the appraiser was too low) could the appraiser ethically defend himself from the buyer's charge by disclosing the ARV he generated?

Your participation in the activity constitutes substantially all of the participation by all individuals (including non-owners) in the activity for the year,3.

Would managing property for a family member constitute a third party relationship, if you are not officially a member of the ownership entity?

They typically have requirements like firewalls to install, what constitutes a kitchen, etc.