Yes, the PA's will be there handing out cards and trying to get your business as the fire is being put out. 

Unless it is at rough in stage it will be compromised unless this has no interior walls, what's the rest of the story and why does it need overlayed( which is what you are suggesting) or removal which has issues of its own with load walls unless all interior walls, cabinets etc are gone. sounds like a raw deal with water issues or structural issues?

Hi Lahiru,Great question, if your wife has been considered to meet the threshold for "Material Participation" in the business, then you would be able to take these losses.

Reporting the mortgage interest on the return should be done with care, as the IRS does not have a copy of Form 1098 under your SSN (or EIN if business) reporting the interest.

TLDR: It was a fantastic workshop that will enhance my business, but he pitches his Big Dog program that costs anywhere from $20k-$60k.

To ensure you can apply the tax deductions against ordinary/active income, you have to materially participate in the STR business.

I have come across several companies like Legal Zoom, Zen Business and many others, some which I think want to overcharged me.  

Or maybe your family business is property management ?

He wants to use the 50k to jumpstart fix and flip business 

While demolition costs are nondeductible, a taxpayer may claim a loss deduction when the depreciable business property is retired from use in a trade or business or from use in the production of income.I would strongly advice talking with a real estate focused accountant here to help guide you.