Now you are looking to buy a property that may be overvalued or have to pay taxes to not do the 1031.Better is to get all important docs in the LOI stage prior to locking selections so you can feel good about the one or ones you plan on closing on.

My understanding on this is that if you build it unpermitted, the benefit at that time is that your property value likely won't increase because the square footage is not assessed to increase the value of your home and therefore the property taxes.

Looking for accountant referrals in the Cleveland/Akron/NE Ohio area with strong familiarity in investment property related tax matters.I'm planning to purchase my first investment property shortly, but I need an accountant to do tax preparation for my current retail business this year (Form 1065) and personal returns.

My hope is to continue investing heavily into properties and utilizing their tax benefits!

We have several strategies to mitigate delays and fees that work well and keep the tax advantaged status of the account secure.

Background:First-time home buyerUp to $100k for downpaymentOpen to explore different parts of the city or even other statesOpen to leverage FHA or DPAWilling to settle for breakevenReady to close ASAPChallenge:Finding a property that can fully cover the mortgage through house-hacking and breakeven or potentially cash flow in Vegas, or other no-income-tax states.Request for Advice:Scenario 1 - Stay in Vegas and find a property that is viable to house hackHow are people house-hacking in this market?

Normally, on my taxes, I try to break even or make a little profit BEFORE applying depreciation to the property.I recently applied for my 6th mortgage, and the loan officer significantly lowered my buying power because he looked at all of my properties as losing money. 

If you have the other expenses, such as the property taxes, water and sewer bills, heating bills if the landlord is responsible for those, electric bills if there is a landlord account, and any other bills you as the landlord would be responsible for monthly you can total them up and see if they will be more or less than the $900/month rent your apartment will generate once you eventually move out of it.

You're looking at flipped properties or things designed to be turnkey.The numbers likely don't work on these if you know how to properly run them (including accurate property taxes).

No worries, we all need a hand with taxes.