An entire blog could be written about the cost of manually driving for dollars… such as paying for gas, depreciation on your vehicle, the cost of your time, etc.In another example, imagine you are virtually driving for dollars in the same target neighborhood and zip code..

(To qualify for section 121 tax exempt on portion of sale.). 2) what do you think your net profit would be after selling costs?

My rent is $2,350/mo (I could probably get more but I want it to move quickly) and it is in a gated community - just to give you a sense of they type of property it is and maybe what type of expectations a renter may have for what they are paying for that rent.

Basically they are a type of insurance and insurance companies make HUGE profits because they pay out MUCH LESS than they take in meaning that over the long term you will lose money with them.

You get about 3 months of rentals, maybe 4, and that must pay 100% of your expenses for the year to break even.

We reached out to the guest but they weren't willing to work with us on it, adamant that they should get to keep the booking.We ended up having to pay the fine and had our listing penalized pretty heavily. 

Towards the end of last year I used the BP tax pro finder and began working with a tax pro in January to file 2023 taxes and go over tax strategy.

It may sound nice to pay a 6% management fee but the extra fees can add up to be more than the other company that charges 10% with no additional fees.

Enough resources in there to get you started without paying for a program.

Hi All,What are some tax implications to keep in mind for flipping a single-family home in California?