Since you lived in the condo until September 2021, you could be eligible to exclude up to $500,000 of capital gains (as a married couple) if you sell before September 2024.

There are several different types of income in the US tax code.Two main types are “active income” and “passive income".Active income is money you earn from working, such as wages from a W-2 job or income from running a business.Passive income is money you earn from investments like real estate, stocks, or rental income from your RE portfolio where you earn $ without actively working.Normally, you can't use passive losses (like losses from real estate investments) to offset active income like your salary from a W-2 job.That is unless you are an RE Pro.The reality is, that Real Estate Pro status is just a filing status similar to filing married or jointly.And if you are a real estate professional you CAN use passive real estate losses to offset active income from other sources.To qualify as an RE Pro you must:1.

This allows you to take the first $250k ($500k if married) of the gain tax free.

All these manufacturers are pretty good, just contractors get married to one brand and not use others. 

Lender 2 requires 6 months reserves. they want the borrower to document any large deposits and they want mortgage statements on any investment properties listed on the 1003.The point is different lenders do different things and it's important to not generalize as a broker, but interview the borrower, find their pain points and marry them with a lender that will minimize those pain points for a successful close. 

If you’re not yet married I would recommend a partnership agreement that spells out your agreed upon exit strategies in the event that things go wrong with the investment or your relationship.

Income from a trade or business where a taxpayer doesn’t materially participate.2.

In essence, you cannot simply transfer property to a dying person who then leaves it back to the taxpayer/original owner to leverage a basis adjustment to the date of death value.

Washington inherited two large estates; the first was the estate he got possession of when marrying Martha; however, unlike most husbands of that era he didn’t “consume” the ownership of Martha’s estate into his own; he operated it in a “trust” capacity for the benefit of Martha and her daughter by a previous marriage.  

Marry someone wealthy