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You can generate 50 page detailed reports in 1 minute.

Can not use the 2 year capital gains exclusion so the full profit would get reported on schedule D.

Today, I get a casual email stating the tenant called the emergency line over the weekend to report the water heater had burst and water was leaking through the ceiling.

OMG, a long list, @Joshua Thompson.Schedules C with zero income and large expenses, particularly interest, taxes, and repairsFlips reported at gross profit instead of full selling price minus cost of goods soldFlips reported as short-term capital transactions on Schedule DSchedules E with zero income and large expensesSchedules E with repairs several times higher than the rentMissing depreciationLosses from rental properties or K1s not showing up on 1040 (not always a mistake, but often is)All expenses grouped into some $40,000 "miscellaneous business expenses"Missing deduction for use of a business vehiclethere are another 20-30 very common errors and oversights, soon to include the missing 20% QBI deduction.

When people say they "bought a foreclosure" they could mean they won the bid at the auction, or they could have bought the house from the owner before it actually went to auction.Foreclosure sequence, timing and laws vary from state to state.Always get a title report and use escrow.

Most tenants have been single mothers and report that this is somewhat scare some for them.

You need a purchase & sale agreement, a title report, a Power of Attorney for authorization to talk to the lender, a payoff amounts, disclosures to the sellers, and escrow.3.

@Katie Pepin I've been using Asher Murray for a while, and I've been pleased with the thoroughness of his reports.

View report*This link comes directly from our calculators, based on information input by the member who posted.