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13 November 2024 | 10 replies
While the IRS does not mandate a physical site visit, the IRS cost segregation audit technique guide (ATG) does suggest conducting “field inspections.”It’s important to note that the ATG is not an official IRS document.It serves as a guide and cannot be used, cited, or relied upon as an authoritative source.However, the recommendations in the ATG are worth considering.According to the guide: “A field inspection is recommended to document the physical details of the building, type of construction, materials used for construction, the assets contained in the building, the size and types of building systems, and any land improvements that were included in the purchase of the property and the condition of that property at the time of purchase.”So while the IRS does not require a site visit for cost segregation studies, following the guidance from the cost segregation audit technique guide can be beneficial.
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14 November 2024 | 12 replies
Quote from @Sahara Faughn: I am currently in Preforeclosure with a scheduled auction on August 20th, and I am under a special forebearance due to medical issues and having 2 small children under the age of 7.
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20 November 2024 | 23 replies
Real estate is still a people business, and if you don't like dealing with people it's a very hard investment field.
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18 November 2024 | 12 replies
Alternatively, construction is a great field to get into.
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14 November 2024 | 2 replies
I, too, shifted from working with adolescents and young adults to getting into Real Estate... in hindsight, that past experience has helped me in this field, and I believe it will help you as well.2 things I recommend for new BP members in your position:- Use the search feature to find people and topics of interest.
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13 November 2024 | 11 replies
So far, we have only hosted traveling medical professionals (TMP) while we live in and rent out part of our single-family home (house hack).
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18 November 2024 | 15 replies
There is a GREAT post regarding that here. https://www.biggerpockets.com/forums/51/topics/1215989-expla...At the end of the day the EA and CPA are interchangeable in the tax field, the most important thing is they understand real estate and it's tax implications.
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8 November 2024 | 0 replies
Investment Info:
Mobile home buy & hold investment in Corning.
Purchase price: $60,000
This was our first home. We decided to make it a rental after living there for seven years. Our renter paid this...
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19 November 2024 | 23 replies
(Making judgements based on family status, number of kids, medical animals, etc etc..)4) When you get that first repair call 10pm Saturday night for a leaking roof or water heater do you have a trusted/dependable guy to call and get it fixed that night?
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14 November 2024 | 13 replies
Unless you come from a corporate job that is involved in this field, it is not a place I recommend to start.