If not you buy your First Home for all the advantages and Homestead it for 2 out of 5 years to Sell Tax-free up to $250,000 profit.

@Mehul RupaniYou might look into whether the missed depreciation would be treated as an error and rectifying by filing an amended return.I believe a 3115 is only filed if a method was adopted/established (by consistent treatment on at least 2 consecutive tax returns) and you will be changing the method from an impermissible to permissible method.Wouldn’t recommend DIY in this area, it’s pretty technical and the full facts should be reviewed by a tax professional or offer proper advice before taking any action.Hope it helps

You then supply the owner with an annual statement of income & expenses, so their tax professional can prepare tax return.

Are there any advantages when filing for taxes or disadvantages?

However, understanding the tax benefits and really grasping the difference between tax deductions and tax credits can be crucial to your portfolio as it can significantly impact your bottom line.What are tax deductions?

Baby boomers and millennials, each at distinct life stages, are converging on the market with different needs and financial strategies, shaping the housing landscape with their preferences and purchasing power.Baby Boomers: In Search of Sun, Savings, and SerenityBaby boomers are charting a course toward warmer climates and tax-friendly havens as they approach retirement.

@Chris G.What I usually find in communities with many rentals is that there is typically a higher level of deferred maintenance when compared to mostly owner-occupied communities.

Longer-term goals would be to have multiple short term rentals in various vacation spots around the country(beach & mountains), allowing family vacations to be more frequent and requiring less budget considerations, plus reap the tax advantages of RE.

But licensing,zoning,insuring, owning and operating one are a different story.This is what my initial plan is (This is all in theory) To enter a new buyer program to purchase our first home using both of our tax return dollars.

Make sure the current assessed value is w/in about 25% of actual market value or you will have to underwrite in a decent property tax bump w/in 1-3 yrs.