If you take a cash-out refinance from one rental property and use that money to pay off another rental property’s mortgage, the IRS looks at how you use the loan.

What a lot of people think:Bonus depreciation is only for new properties or acquisitions.The truth:You can retroactively apply bonus depreciation to property placed in service after September 27, 2017, when the Tax Cuts and Jobs Act passed changing various rules.The IRS allows you to claim missed depreciation deductions by adjusting your current year's tax return, without needing to amend the previous year's returns.This is typically done through a change in accounting method using IRS Form 3115.

We can set a time to hop on the video or hell you should come check out Chicago for yourself! 

Think of how fun the DMV and the IRS are to deal with.

The IRS focuses more on discrepancies, missing information, or suspicious patterns rather than the sheer volume of the return itself.It’s great that your CPA is knowledgeable and has handled IRS representation before.

Do you want to hop on a recorded Zoom and go over these things also? 

Hey everyone,After some time focusing on other areas, I’m getting ready to hop back into flipping.

Since you've lived in the apartment since 2007, you likely won’t be hit with any capital gains taxes as long as your profit is under the IRS exclusion limit ($250k for single filers or $500k for married couples).

That impacts me negatively now (compared to 6%), but supposedly was to prevent IRS questioning/audit in the future. 

You can also find agents and lenders via the Find An Agent or Find a Lender tools.I am on the lending side of things and would be happy to hop on a call with you anytime to discuss financial strategies and help answer any questions you may have about nearly any loan product available to help you on your journey, even if they are not products my capital partners offer.