Improvements have a much greater impact on the value of your property than repairs, and they are calculated quite differently when it comes to filing your taxes.The IRS defines repairs as those that “do not add significant value to the property or extend its life.”You can deduct improvements made on your property, however, you cannot deduct the full value of the improvement in the year the improvement occurred.

Good morning Everyone, I am new to Bigger Pockets was referred from a good friend so I figured I hop on to get different Indio and Perspectives  I’m on the fence whether my wife and I purchase a rental property to be landlords with tenants. 

But anyhow, although Covid makes meetups less likely I'm sure you could hop on a call with any of these 3 and they'd be able to help you get in a position for your first purchase. 

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.Another plan format you will see is a Solo 401(k). 

Just takes some time to make sure you're demonstrating your investment intent to the IRS.

the exchange only works for investments.You should stay at least 1 year so that any tax would be at the long term capital gains tax rate.I am guessing from all the other stuff I read here on BP, the section 121 exclusion (the IRS code that lets you exclude $250k single or $500k married when selling your personal residence if you lived 2 out of 5 years) can be prorated. 

I would say this is a no-brainer, but hopefully someone will hop in with a counter-argument.

But Central Florida is a hop skip away, so we will connect, would love to find out more about the Tampa Area.

If you went to sell the condo, you couldn't even 1031 into anything, since you're using it for personal use, and not as a rental.If you do choose to sell, if you're single, the IRS has an exemption of $250k or if you're married $500k. 

The IRS gives a safe harbor at 20 years.