Setting rent significantly above FMV could be seen as an attempt to shift income or inflate deductions, leading to potential penalties.

The lot is paid off and deeded to our LLC, but lender will not do conventional loan to LLC for the remaining financing so we'd need to take out a loan in our personal names. 

Buyers are getting beat up right now… The question remains, will the buyers ever regain control, or will it always be an uphill climb to become a new homeowner???

I spent the entire 300K on restoring the property and did not think I could deduct 50K and that my basis would remain 50K.

The property has remained 100% occupied throughout my ownership and is on track to continue receiving market rents from both tenants.

The property has remained 100% occupied throughout my ownership and is on track to continue receiving market rents from both tenants.

Xeriscaping (low-water landscaping) is increasingly mandated in many HOAs, and buyers are scrutinizing water-hungry features like traditional lawns.Rising Construction CostsMaterial costs have fluctuated significantly, and labor remains tight in the Phoenix construction market.

But inflation for sure with hot Austin market and ice storm displacements.I am also remodeling a Lake House in Belton, Texas that we will likely sell, but I really thought MTR might do really well. 

You can't actually pay it off directly because they've been securitized, and the people who invested in those securities did so because of the specific certainty of the payment schedule.What you do in a defeasance is use the proceeds of the sale or the funds from your new lender to purchase treasury bonds that are packaged to make the exact payment amounts and timings on the remaining term of the loan, and then assign those bonds to your old lender.

If the home was still your primary residence throughout 2024 and not actively listed for rent, it would typically remain classified as a personal residence until the lease began.