One of the many advantages being classified as a “real estate professional “allows you to offset income with real estate “paper losses “ like depreciation and other expenses.

After many problems over the last couple years, I really want to just let the situation take its course and get a new business owner in there.

Depending on how long ago the property last passed a city inspection, will dictate the cost and if you need to have it reinspected.Make sure you record your Property Transfer Affidavit (PTA) with the City Assessor.

Please keep in mind that "suspended passive losses" or losses that are generated that are passive by nature, will STAY passive losses, and CANNOT be used to offset active income.

I have a large amount of passive activity losses on my tax returns which will carry forward (not REPS so can't offset my W2 income) I don't know anyone who retired early/quit W2 at the age of 40 from their stock portfolio.

You might consider cutting your losses and selling it, or investigate STR options.

I made the move to eXp last year, and couldn’t be happier.

If a property is making no cash-flow, when depreciation is factored in it is a paper loss on your taxes.

Trying to absorb as much info as possible while I’m in the last couple months of saving up for this first purchase!

Today’s Interest Rate: 7.50%(WAY☝️from this time last week!