Whatever the City won't adjust off you get to deduct from your taxes anyway, so you're not actually paying the cost of the water usage.5.

Renting properties for STR does not come with the upsides of tax savings, appreciation, equity build up, etc.I agree with the sentiment expressed by others that diving straight into STR, especially with a property that is cashflow negative as a long-term rental (LTR) or through arbitrage, can pose risks.

@Sandra KimThe withholding agent (I’m assuming the title company in your case) generally should be remitting the withholding tax directly to the IRS out of the sales proceeds.

How are the property taxes in Nevada; fair, high or low? 

I will be house hacking my primary home and I am wondering that are the implications on Solar tax credit and bonus depreciation?

We pay for the property taxes, the water and sewer bill, and usually do some sort of capital improvement to the property based on his rent each year.

Would I need to submit my personal tax returns, along with those of my partner?

Also, regarding the DNC list, I’ve read that since wholesalers are offering to buy something, this is not a prohibited activity according to the federal rules regarding the DNC list.

Better yet, have an attorney draw it up since he will know what questions to ask you two. commissions are earned and should never be put back into the project your partner will owe personal income tax on it.. if you want to get a credit for it.. you have the seller lower the price by the commission that is how you handle that.. if its to late then its his money and he should pay tax on it and keep the rest.

Pro is interest is a write off on taxes.