@Crystal Wilson I agree with @Jay Hinrichs to make it legal, keep everything in order without having any questions from the IRS down the road, questions from the real estate commissioner (if at anytime you work with someone licensed), or any time you work buyer/seller put it into escrow and be paid when the transaction closes by escrow (or have all funds move through escrow).

He's been carrying this loss with him each year and only deducting the approx $3000 per year that the IRS allows. 

My personal favorite is the CRT - why give your money to the IRS when it could go to your favorite charity instead!

The IRS recently provided guidance regarding eligibility under the CARES Act and specified that a qualified individual includes an individual who has a reduction in pay (or self-employment income) due to COVID-19.Distributions:If so, you can take a penalty-free distribution (as well as waive the 20% withholding requirement) from your 401k (assuming that the employer allows it) anytime between 1/1/2020 and 12/31/2020.

Sometimes you don’t really swim until you hop into water over your head.Make it happen.

In order to offset my passive real estate losses against my active income from my day job I need to claim that I'm a Real Estate Professional for taxes (750 hours spent on real estate management minimum).My accountant tells me that this is an area that the IRS audits quite often because they know it's a really sweet deal.So my question is to those that already designate themselves as a Real Estate Professional, how many units are you self managing?

The IRS recently provided guidance regarding eligibility under the CARES Act and specified that a qualified individual includes an individual who has a reduction in pay (or self-employment income) due to COVID-19.Distributions:If so, you can take a penalty-free distribution (as well as waive the 20% withholding requirement) from your 401k (assuming that the employer allows it) anytime between 1/1/2020 and 12/31/2020.

IRS rules state deductibility follows use.

With a quality provider, such plans also come bundled with meaningful consulting guidance to help you get the most out of the program while staying inside the IRS guidelines.A similar checkbook program is a Solo 401(k).

Meaning, will the IRS mandate that depreciation recapture take place when the LLC sells the property?