So if you buy a 5 bedroom house and rent the spare 4 bedrooms = you can still sell tax-free under the 121 (you just pay back depreciation) If you buy a duplex and rent 1/2 and live in 1/2.

You also get 100 free credits on sign up so great if you just need a smaller list done. 

According to our understanding:1) California does not recognize REP status, but we could claim it on our federal taxes, is this correct ?

Taking a break from working on our 2024 bookkeeping and taxes. 

Quote from @Argel Algura: Hey Bigger Pockets Community,A year ago I wrote about rebuilding and starting over in life and considering real estate investing as a path (see post here: "Bad credit, minimal cash and starting over in life . . .

The interest would be tax deductible due to interest tracing rules. 

The single biggest advantage of selling your homestead is that you can take all the Cap gain tax free if you have lived in the home as your homestead for 2 of the last 5 years. 

Sell, get the tax savings while you can.

My strategy incorporates asset protection measures like LLCs, specific trusts as well as professional property management to spread risk and ensure quality operations.As well as using tax codes to my benfiitSection 179, IRC Section 162, Cost Segregation and Bonus Depreciation and later 1031 them out for larger projects. 

AssetsAsk yourself: Do I want cash that depreciates with inflation and taxes, or do I want to build wealth?