Are properties ever held back after being scheduled for auction?

If I did this, then I should have filed a Sched E for 2006 even though the property wasn't ready to rent (which I didn't)Also, insurance, for example was paid in 06, so how can I claim it on the 07 Schedule E -- seems like I should be able to claim everything I spent on insurance since the property was never anything other than a rental.Arrrg, I don't mind paying taxes nearly so much as I hate figuring them out!

I'm going to assume it generates something like $800 a month in gross scheduled rents.

If lots, then keep good records for contributions, draws and equity splits.Revenue:Rental IncomeOther IncomeExpenses:HOA FeesMortgage InterestProperty InsuranceProperty TaxesRepairs and MaintenanceProfessional Fees (such as accountants and lawyers)(Anything else on Schedule E that you doOther:Interest IncomeFlipping Business should include:Assets:Cash AccountsMortgage Escrow Account (if appropriate)Projects in Process (one for each project, ideally)Tools and EquipmentDeposits and Prepaid ExpensesLiabilities:Accounts PayableMortgage Payable (one for each property)Other Loans PayablePayroll Tax Liabilities (as applicable)EquitySame as aboveRevenue:Property Sales RevenueCommissions Revenue (if applicable)Cost of Goods SoldProject ExpensesExpenses:Most of your job expenses will be recorded in Projects In Process as an accumulated asset and then moved to Project Expenses when you sell the project, so there's no real need to separate out expenses such as Materials, Subcontractors, Holding Costs, Utilities, etc.  

Then the HA will schedule it for an inspection.

Similarly, I would figure out my GSR (gross scheduled rent) without taking out vacancy, instead add 8% (or more) vacancy as an expense and rework my PM costs.So what is this property worth?

Send me a private message to schedule a time. 

Name a time that works for you and I'll make it fit my schedule.

If the buyer of your home uses the property as a main or second home, you must also report the name, address, and SSN of the buyer on line 1 of Schedule B.

CA city rental ordinances (vary) and scheduled H&S inspections (for registered rentals) could be an issue if your tenant living in a mobile pod turned you in or the scheduled inspector finds out the pod is a rental.