It didn't cross my mind when I sold the above property at a loss I mentioned above.

Section 469(c)(7) provides an exception that allows qualifying taxpayers to treat rental real estate activities as nonpassive, enabling them to deduct losses against other types of income.

I have seen instances where a 1031 exchange was not required such as1) The overall gain from the sale of the investment property was very small or even negative2) The taxpayer had enough passive loss carryforwards to offset the gain.A 1031 exchange is a very powerful tool put it has to make sense before going forward.

This delays evictions and often results in significant financial losses for landlords.

🔟 Casualty Loss Deduction: Disaster losses might be deductible.📝 Pro Tip: Keep receipts & records to back up your claims.

These self employed 2nd mtg's are typically based on alternative method of caluclation like profit and loss statements if you're self employed or the last 12 months of bank statement deposits using a formula to derive an income from these deposits (like 50% of all annual rolling 12 calendar month deposits X 50% /12 months = monthly income).

We're at a loss on what to do here.

I figure my options are to sell and take a loss (not ideal), or preferably find coverage that allows or doesn't care about the K&T.

Offset Gains with Capital Losses: If you have other investments that are currently at a loss, selling them can offset the gains from your property sale, reducing your taxable income.5.

That, combined with hidden repairs combined with self-managing a low income could all construe to thousands in losses.