@Jay Hinrichs  IRC Sec 162  "ordinary and necessary"Depending on OP's risk tolerance and sleep, it might make sense to take advantage of his (I presume) real estate professional tax status and invest in low to no cash flow, high appreciation real estate assets with leverage that will produce a material tax loss.Answer as always: it depends.

This would mean that my future is secure irrespective of my financial status.

@Veronica IvyThe text you are quoting explains how to qualify for Real Estate Professional status.

Additional Insured status for you and for the homeowner2. waiver of subrogation so the contractors insurance can not come back against you3.

(M)"Inactive license" means the license status in which a salesperson's license is in the possession of the division, renewed as required under this chapter or rules adopted under this chapter, and not associated with a real estate broker.

The big boys are sitting on the sidelines in NYC right now until we know what's the status of this new BS rent law which is driving property costs down; especially in NYC.Stay out of places outside of a metro area.

Being an agent is like having your own business so you want to make sure to work with a CPA who will understand the proper deductions eligible to real estate agents.While STR's are similar to LTR's from a tax perspective, there are some differences.Combining real estate agent + rentals may open you up to real estate professional status from an IRS perspective.Best of luck!

Hi there,I need to get a strong CPA that can help me with filing in a few different states, I have 4 LLCs in TN, WI, OH, CA and since houses are new I need someone who really knows how to maximize depreciation and can help me get a real estate professional tax status as I heard this helps.Thank you so much!!!

How does the demographic profile (age, income, health status) of potential residents in NJ/NY influence the demand for assisted living services?

My biggest concern is using the house as collateral, removing the "paid for" status.