While rental income is indeed considered passive under IRC §469, that doesn't prevent you from claiming a home office deduction if you meet the requirements.What You Need to Qualify: 📋A dedicated space used exclusively for managing your rentalsRegular and substantial management activitiesThis must be your principal place for conducting these activitiesThe Legal Foundation: ⚖️The Tax Court in Curphey v.

Always conduct your own due diligence and consult with a qualified professional before making any real estate investment decisions.

However, I do have a lender that can conduct an entity transfer with a commercial loan from 2 units and up.

First, conducting thorough research and due diligence before making any investment decisions is crucial.

However, purchasing the replacement property from an estate where your mother-in-law is the executor and other heirs are your wife's aunts and cousins raises potential related-party concerns under Section 1031(f).The IRS generally prohibits 1031 exchanges between related parties unless both the buyer and seller hold their respective properties for at least two years after the exchange.To stay compliant and avoid disqualification, ensure:The estate sells the property directly before any distributions to heirs.You hold the replacement property for at least two years.The transaction is conducted at fair market value with no prearranged agreements.Given the IRS scrutiny of related-party 1031 exchanges, consult a qualified CPA or 1031 exchange accommodator to structure the deal properly and avoid potential capital gains tax liabilities.This post does not create a CPA-Client relationship.

Whenever possible I attend the inspection and follow the inspector as he conducts the inspection and ask him questions during the process.

At the time, we were new to the market and, admittedly, didn’t conduct thorough due diligence before buying.We purchased a property in the Atlanta area, renovated it, and listed it for sale.

Conducting inspections and due diligence on the condition of a property to derive realistic estimates for repairs is still the key.

She's great and free (sure there is a paid option - Of course).Also, keep in mind that some mentorships are lifelong and have conduct rules.  

CPAs (Certified Public Accountants)Role:CPAs are accountants who have gone through rigorous licensing exams and meet state requirements.Responsibilities:•Everything accountants do, plus:•Preparing audited and reviewed financial statements•Conducting forensic accounting and fraud investigations•Representing clients before the IRS in audits and disputes•Developing advanced tax strategies•Advising businesses on mergers, acquisitions, and financial structuringCredentials:To become a CPA, one must:•Pass the Uniform CPA Exam in Auditing and Attestation, Financial Accounting and Reporting, Taxation and Regulation, and a specialized area, such as Tax Compliance and Planning or Information Systems and Controls.