Russ Eisenberg
Is it possible to get Real Estate Pro status with 1 LTR?
My wife and I purchased our first investment property and I am trying to figure out the best way to maximize returns. it is a duplex that we are in the process of doing a full rehab on. It should be rented in Feb or ...
Matt Bailey
Best phone app to track work for real estate prof status (IRS)
Whats the Best phone app to track your daily work for in order to claim professional real estate status on your taxes (750 hours)?thanks
Todd Willhoite
Electing tax status for LLC planning to buy land and resell some
Some partners and I are purchasing a large parcel of land. We will probably sell off some large parcels to pay down the debt on the remaining property and then hold some of the land indefinitely. Trying to figure ou...
Dan A.
Hours to get RE license - do they count towards RE pro status?
I left my job at the end of 2020 to focus full-time on managing our family's current investment properties and building out our RE portfolio in the years to come. As part of this change, I am planning to qualify as a ...
Tyler Campbell
Flippers need a person to check on the status of their property..
I take it the agent usually does check-ins on the property. Is there demand for a third party to solely check on properties? This is just a thought I had, but don’t have experience in real estate...just self education...
Michael Erb
HELOC and how it pertains to a change in status vs mortgage
We live in unit 3 of a 6 unit townhouse building. We own our townhouse, it is paid in full. We paid 135k for unit 3.We want to buy unit 5 in the same building. It has identical floorplan and space as our unit 3. 1280s...
Jeff V.
Questions for CPA - LLC Taxation status for Note Business, Performing and NPN
I will be setting up my LLC in Louisiana, in Jan 2024 and I have a few questions for any CPAs in the group that would be willing to provide some assistance.1) What is the preferred taxation type for a single member LL...
Sahil Singla
Active participation in car wash/gas station without real estate professional status
Hello,
I am a w-2 employee and I am looking for ways to reduce my taxable income using real estate. Can I buy a car wash/gas station and show active participation to reduce my taxable income? I am single and don't h...
AJ Wong
Superhost status earned not given: Oregon Coast Beach STR Anniversary success story!
Congratulations and shout out to my client's for earning Superhost status well within their first year anniversary of acquisition. These investors connected with me from out of state early last year 2023, and 90 days ...
Daniel Kotowski
Basis for depreciation when moving a home I own to rental status
I purchased a home about 5 years ago for $365,000 and today the home is worth $650,000. I'm buying another home and renting out this one. Will my depreciation be based on the purchase price or what it is worth now?