We took the depreciation on our personal tax return in 2022.

Remember Each City website has a place where you can look up the tax record make sure you take a look at that before you make any decisions, It can give you insights in to the Flood zones, HPC zone, ETC.  

The home has no liens and is currently behind in property taxes by 1 six month payment which was due in February.

Far too many taxpayers draw up their tax return in their head without a real plan.

Take ownership of your mistake and learn to do the proper due diligence recommended above😊

RE taxes are almost 9K/year. 

Then ask why the property tax rates for hotels on Maui hasn't increased in over two years, yet they continue to raise it for STR's as well as non-owner occupied residential properties.

I’m closely monitoring a few tenants as we speak. 1 requested to pay this Friday after payday due to a job change. 1 is $200 behind from last month. 1 got a rent increase but still has this month at the previous rate.

Make sure to pick houses that still make money after you pay all bills, like the mortgage, taxes, insurance, upkeep, empty times, and management fees.

Alternatively, you can use the fair market value of the home at the time of conversion"Keep in mind, you will probably want to talk to a tax professional to go over all the consequences.