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15 February 2024 | 8 replies
To qualify as a real estate professional, a taxpayer must meet the following two criteria (IRC Sec. 469(c)(7)(B):More than one-half of the personal services performed in all trades or businesses by the taxpayer during such taxable year are performed in real property trades or businesses in which the taxpayer materially participates, andSuch taxpayer performs more than 750 hours of services during the tax year in real property trades or businesses in which the taxpayer participates.You must also meet material participation requirements for each rental (or group the activity).
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14 February 2024 | 1 reply
If I offer certain qualifying services, then guest stays lasting 14 to 30 days appear to remain eligible to qualify as actively managed STRs while also complying with local codes.
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14 February 2024 | 16 replies
You can try looking for someone local to you or there are a lot of CPAs who provide great remote service.
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15 February 2024 | 12 replies
Working in this area if you are finding homes under $500k you will have to force equity into the house for repairs, adding rooms etc to make it work.
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14 February 2024 | 10 replies
In the long run, try to find a few service providers that are both good and affordable.
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15 February 2024 | 3 replies
My guess is that Chad was not required to pay any commission to the buyer's agent as he wasn't selling any property, he was ONLY selling his services as a general contractor, which has nothing to do with real estate sales.
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15 February 2024 | 43 replies
But you still have to factor in other maintenance costs, insurance, utilities, and repairs.
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15 February 2024 | 10 replies
. $33,000 - lot purchase price$6,000 - 2010 3 bed 2 bath manufactured home$3,000 - transportation $11,000 - set up costs (includes running city utilities to the home, decking, skirting, foundation)$6,000 - repair costs$5,000 - misc$64,000 all inRecent comps show we can sell for $140,000.
15 February 2024 | 2 replies
Make sure it explicitly explains the process for termination if you are unhappy with their services, especially if they violate the terms of your agreement.3.
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16 February 2024 | 22 replies
Additionally, some states have established official MLS (Multiple Listing Service) systems to track property prices systematically.