It's important to understand how the credits will affect your specific tax situation and when you can claim them.Recapture Rules: There are recapture rules in place, which may require you to repay some or all of the credit if you dispose of the property or change its use within a certain number of years after the rehabilitation.Overall, historic tax credits can be a valuable tool for property developers and owners looking to preserve historic buildings and lower the overall cost of rehabilitation projects.

Talk with your accountant to get a more specific plan together! 

Yesterday, one of our representatives was asking for specifics on fire extinguishers, and the county representative confessed:  "Look, just do the best you can. 

Tax considerations involve a lot of personal, specific considerations so you are on the right track going for a CPA (make sure they are familiar with income properties and short term rentals).STR is a business and involves "active" income versus "passive" income associated with typical long term rentals.A few general things:1.

@Jack Little The note itself, shouldn't really need any specific language for the 1031 exchange.

Can't say I am familiar with the specifics of NYS law regarding this. 

Specifically, a HH can substantially lower your living expenses, while increasing your income.

Nothing personal or specific to the insured asset. 

It is so very taste specific that there aren’t many people who could live with the decor.

If you add her to the lease, make sure it is specific as to whether if he leaves, she does too and that the deposit you got is from him.