Or any amount of cash you take is considered to be profit by the IRS. 

A lender is not going to be eager to loan on a property to an individual who isn't on deed (one of the complications of sub 2 dealing with title insurance not IRS). 

The IRS wants you to pay taxes on the depreciation you previously claimed as deductions since it reduced your taxable income.

I just hopped on the MLS searching for $500,000 opportunities and there are several 2/2 condos and townhouses, as well as 3/2 townhouses, that can be found in 85251, near Old Town, as well as near the Raintree Corridor in 85260.

The IRS generally allows deductions for second homes if you use the property for personal use for more than 14 days or 10% of the days it's rented, whichever is greater. 

You will receive a report as a result of the cost segregation study that supports the breakout between asset classes and new depreciation schedule in the event that you are audited by the IRS.

Of course, if the tenants don't file tax returns, there's not much we can do except try to garnish their bank account when they get their federal return - if you can find their bank and serve that bank a Garnishment Notice before the tenant withdraws the electronic payment from the IRS/ tax preparer.Hope this all helps!

You definitely want to check for delinquent taxes as well as potential IRS tax liens.

You have to have a specific angle on a property or be willing to put up with title or condition problems that nobody else is... or compete with cash-rich guys who buy these things all day.At least I didn't overpay, or even worse, fail to do due diligence and end up with a broken foundation and a jumbo IRS lien!

Make sure they make a steady income and are not job hopping.