Feel free to poke holes or shred the idea apart, just please provide the legal/logistical reasons for the issue.

Hi Everyone,Does anyone knows what are the best legal ways to reduce your taxes when:1. you are giving hard money loan and getting interest on your money2. you are partnering with an LLC and giving money for a flip and the flip makes money

The IRS takes you at your word for the basis, but if you are selected for examination you need to be able to back that number up with original calculations."

I would think you could possibly use the RUBS system in the instance of the single metered house, but you would have to do checking whether you could;d do it legally. 

I’m happy to pay every nickel of what I legally owe to the government as a tax paying and law abiding citizen but not a penny more.

Keep everything legal and above board (All T's are crossed and all I's are dotted) 2.

At the risk of being a tax practitioner on this thread correcting someone...you're actually supposed to report number of days the property was rented at fair market value on Schedule E.Software will examine the fair market rented (FMR) days and the relationship of the FMR days to the personal use days for treatment under Sec 280A (which involves personal use of rentals and properties rented less than 15 days).The tax treatment for a property available to rent 365 days during the tax year but rented 0 days is much different than a property rented at fair market rates for 365 days.

I have some contracts and before I start using them I wanna make sure they are legal to use in the state of PA before I just put a house under contract and it’s with the wrong contract.Any information would be helpful!!

No legal advice given.   

I believe I'm legally responsible to pay the sewer in my State if they don't pay.