The property is 100 years old but has updated wiring, plumbing, and units.  

The second year, they all of a sudden at renewal sent a notice that I'd be required to have carbon monoxide detectors in each bedroom. 

If the house you are going to sold was your owner occupied primary residence AND you have occupied at least 2 out of the last 5 years all gains up to 500k a exempt from taxes. and remember equity and gains are not the same thing.

Happy New Year!

I've been operating a Turo biz under an LLC for the last 2 years and have recently decided to cease operations (For those not familiar with Turo, think of it as the Airbnb of car rentals).I was wondering if it is possible to begin operating my real estate biz under this existing LLC?

@Ben Carpenter Have you lived in the property for two out of the previous five years?

The Louisville and Southern Indiana real estate markets have seen notable shifts this year.

They renovated it and rented it out for 5 years.

Unfortunately, quotes are coming back at 3x the current cost ($3300/year).

You materially participated in the activity for any 5 of the last 10 tax years.6.