So, friend bought a property cash under their name and now refinancing (cash-out refinance) the property into an LLC that is jointly owned by both of us and we will be getting funds from this refinance for renovation work.

For example, in 2024 if married filing jointly see table below.You could also do a 1031 exchange to avoid the taxes completely but have to invest all money into a like kind property of higher value. 

With a joint, you have to wait on the Joint LLC to file your taxes.  

I know this post is super old but if you need any help or looking to joint venture on deals would love to work together! 

I did my first flip with only 2k, there are a lot of investors out there with capital and no deals, start networking and connect with these investors so when you do locate a property you can do a JV (joint Venture) with one of these investors.

Would love to joint venture if you come across any deals.

@Harjot Khangura @Eamonn McElroyIf he files jointly with his wife and his wife does the 750 hours/year required for the Real Estate Professional tax status that would be legal and the unlimited depreciation defensible, right?

The other 25% $3056 you could deduct in 2023 if you itemize but if you are married filing joint $27700 is the "flat" amount for 2023 that you would need to exceed to make it worth itemizing.

Have fun collecting from someone who peaced out a month ago.3) A landlord/manager should have reasonably priced resources, because not every repair bill is paid by a tenant.I would definitely not put basic faucet replacement in the same category of plumbing as soldering pipe joints behind a wall or installing pressurized systems.

My acquaintances are jointly the trust administrators, the property owners are jointly the beneficial owners of the trust.