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25 November 2024 | 23 replies
For a lot of things you can just look up material costs and assume the same for labor. 50% material and 50% labor holds roughly true for the entire project, at least for me here in Milwaukee, your labor cost will probably be higher in the Bay Area.100-125k spread would be tight, even for me here in Milwaukee.
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19 November 2024 | 0 replies
To qualify, taxpayers must meet specific criteria demonstrating that they are real estate professionals who materially participate in their rental activities.How to Navigate the Rules:Step 1: Identify your real property trades or businessesHere is a list of activities that are considered to be a real property trade or business:RedevelopmentLeasingConversionConstructionReal property developmentReconstructionOperationRentalBrokerageManagementAcquisitionIf you participate in multiple of these activities, you may be able to combine them making it easier to meet the material participation hour requirements.Step 2: Demonstrate material participation in real property trades or businessesThere are seven tests to determine if you demonstrate material participation.
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26 November 2024 | 13 replies
Thank you in advance for anyone that can shed some light on this or point me in the direction of good materials to read!
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28 November 2024 | 184 replies
Some of your quotes from this thread will be used as supporting material in the production.As some of you may have guessed, a lot of information about her has been removed since her case came to light so it's sort of difficult to piece this story togetherIf anyone has any information they'd like to share that would help paint a clearer picture of her actions and the damage she's caused, please reach out to me.
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18 November 2024 | 47 replies
Curious to hear the system you'd recommend for tracking material participation?
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25 November 2024 | 8 replies
I could see how it could get up to $16K with materials for a service that large.
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22 November 2024 | 12 replies
Just keep thorough records of your expenses—materials, labor, permits, etc.
21 November 2024 | 24 replies
I looked at one lot U could build on it but there is only a 5 foot path to haul material in.. :) and they want 300k for it..
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19 November 2024 | 24 replies
This can easily be obtained by spending it on materials you will be buying regardless.
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19 November 2024 | 7 replies
We purchased a property in early October and are placing it in service this week (mid November).We had intended to run a cost segregation study and try to accelerate depreciation which we can deduct against our W2 (assuming material participation).However, we have been reading through the IRS guidelines (eg publication 946 on Property Depreciation) and there seems to be the concept of "short year" which would mean that we can only deduct ~1.5/12 of a year's worth of depreciation in 2024.Is this correct or are there any different rules for STRs specifically?