Maybe that is why the old owner didn't pay their taxes?

Additionally, most servicers will provide the tax documents needed at end of year (1099-INT, 1098-INT) and can also issue notices of NSF, late payments and support delinquency /default.

Tracking hours would be kind of a pain as we tend to do a lot of partial-hour type of work like a quick phone convo or texting back and forth with a buyer client, researching properties, talking to listing agents and lenders, scheduling showings, previewing properties, travel time, etc.

Thanks.Hi Courtney,BiggerPockets Pro members get access to all Stessa core (free tier) functionality – plus unlock exclusive access to advanced features, like unlimited portfolios and Schedule of Real Estate Owned (SREO), all at no additional cost.BiggerPockets Pro members have free access to all Stessa’s featured benefits as well as advanced features, like unlimited portfolios and Schedule of Real Estate Owned (SREO) – giving Pro members exclusive value not offered to Stessa Free members.Simplify tax time and help maximize deductions Organize financial data and accountingEasily track key property metrics to optimize and boost ROI. 

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

Focus on tax-saving strategies such as cost segregation studies and bonus depreciation to accelerate deductions.By qualifying as a Real Estate Professional (spending 750+ hours annually and materially participating), you can offset your wife’s S-Corp income with real estate losses, reducing your tax liability.

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

That comment also seemed to imply that you don't report the rental on Schedule E if you have an LLC, but that's not correct, with a single member LLC it still goes on Schedule E."

If you control how they perform tasks, set their hours, or provide tools, they should likely be a W-2 employee, requiring you to withhold taxes and comply with payroll regulations.

You will want to fully understand the tax reporting burden you will face.