@Tyler Speelman, A 1031 exchange solves the tax issue. 

This isn’t/wasn’t a loophole - just tax policy. 

And you now have to file three tax returns:- partnership tax return- your individual tax return reporting 1/2 of the partnership losses- your partner's individual tax return reporting their 1/2 of the partnership lossesAnd while partnership return can be DIY-ed, it probably should not be.

Each year, I like to take time to reflect on the prior year and where I’m headed in the current year.

And she’s the one that released the latest tax rates and year to year comparisons in September of 2024.

I recommend you speak with a lender about reviewing whether you could qualify for a loan prior to making an offer, as I've seen these kinds of things blow up.

If you haven't yet found a CPA or tax professional to help you save on your tax bill each year, would you want BP to help recommend a tax professional for you? 

If you need financial help, ask under the "Finance, Tax, and Legal" forum.

@Anita Z.I recommend finding an accountant who specializes in real estate taxation, tax planning and financial planning.

Hi All, any input on renovating a house and possible tax exemptions under an LLC?