Quote from @Mani Sundaresan: If I’m financing a rehab project with a hard money loan, do I still need to issue 1099-NEC forms to my contractors—given that the funds come from a loan, which isn’t taxable income?

Transcribing transactions from bank statements, posting transactions to the correct accounts, and then manually creating an income statement, statement of owner's equity and a balance sheet is a fairly time consuming process and I have not been able to keep up with the book keeping between my regular work responsibilities.What accounting software do people recommend? 

Meaning you get 4-5X the depreciation to defer your income from being taxable.

HI @Jimmy RojasYou have to show 2 years of taxable income to the IRS.

Transparency, regular communication, and clear milestones have been critical to making this successful.For those of you who are considering working with private lenders or want to improve your deal structure, I hope this gives you some food for thought.

@Will Almand A cost segregation (cost seg) study can accelerate depreciation on your properties, reducing taxable income by reclassifying components (e.g., appliances, HVAC) into shorter-lived categories.

You have your selling price, minus all selling costs, minus your purchase price, that’s your taxable gain.

Disallowed losses under wash sale rules increase the cost basis of replacement securities, potentially reducing future taxable gains.This post does not create a CPA-Client relationship.

I'm going to be checking my BP more regularly.

You‘re welcome to join my regular meetups in Bad Kreuznach or Wiesbaden.