Debbie C.
1031 exchange with Section 121 exclusion
My husband and I have lived in our home for 40 years and it's value has increased by almost $2 million over these years. We'd like to sell our house at some point in the near future because we're getting close to reti...
Damir Mujkic
2021 Flip finishing in 2022. Tax Implications?
Hi,I have a property that I punched in 2021 and will be selling in 2022. Do I need to complete a Schedule C for 2021? Thanks!
Account Closed
Property sitting
If a property has been uninhabited for 5-6 years because we were waiting for the housing market to go back up before selling, is this property considered to be for investment in which case it would qualify for a 1031 ...
Miguel M.
How are liens handled after a bankrupcy sale?
I've been looking at Chapter 7 and 11 bankruptcies. In the motion to sell documents it usually states the property is "subject to all liens and encumbrances, if any" and then usually follows a list of the liens in the...
Patrick Philip
Home building and taxes
I'm building a house intended to be sold for profit. The house is still under construction at the end of the year. If I'm $250k worth of expenses into the project, do I write those expenses in this tax year? Or do I m...
Kyle Robertson
Cost segregation? When?
We are under contract on our 4th small(ish) apartment building. Our total doors after closing will be 50. I’m trying to learn more advanced tax strategies and this one is something I don’t quite get. This building ...
Michael Shea
DTI: Rent by room income on schdule E
I'm contemplating renting out an investment property(non-primary residence) on a room-by-room basis with separate longer-term leases for each bedroom. I'm curious if the income from these rentals, listed on Schedule E...
Rohnn Kostelecky
1031 exchange and irs form 8824
irs rules for a 1031 exchange are the most convoluted in the entire tax code, IMHO. Nobody "exchanges" a property and a mortgage for another property and mortgage, its usually always sell and buy or buy and sell. The ...
Wei Xie
Can I offset capital gain with rental operating loss?
Dear fellow BPers,
I am wondering if I can use accumulated rental operating loss to offset capital gains:
1. Gains from sales of rental properties, either related to the operating loss or not.
2. Gains from sales ...
Janet Valdivia
Sale of rental property / expenses between rental and sale
I have read IRS publications and scanned forums but can't find a direct answer to my very specific questions. I sold a rental property last year. The IRS says "Vacant while listed for sale. If you sell property you ...