Such an insightful, value-packed podcast episode and your lively conversation kept me fully engaged on this topic. (I jotted four pages of notes trying to keep up 😅) Highly appreciate/respect your work & shout out to all accountants for your amazing services. Thank you, Amanda and hosts. See you soon & Happy mid-term rentalling. 😄
Great podcast. Thank you for clarifying many details. I can qualify for REP this year, but not likely in the near future, should i cost seg all 3 properties this year, even if the losses exceed my w2 taxes ? Can it be carried forward like passive losses? What about self employment taxes as REP? Thank you
Great question. Generally speaking, it can make sense since your losses carryforward as net operating losses and not as passive losses. Be sure to speak with your tax advisor before pulling the trigger on cost segregation.
Potentially...before amending a return, always speak with your tax advisor to look at the cost/benefit. On each amended return, you are required to state what is being corrected.
Assumig the ADU itself is 100% rental, those hours may count towards REP status. Time spent on your main home may not count though even if the future intent is to turn it into the rental.
Such an insightful, value-packed podcast episode and your lively conversation kept me fully engaged on this topic.
(I jotted four pages of notes trying to keep up 😅)
Highly appreciate/respect your work & shout out to all accountants for your amazing services.
Thank you, Amanda and hosts. See you soon & Happy mid-term rentalling. 😄
4 pages of notes, that’s fantastic!
Great podcast! Very informative and educational too. Thank you!
Glad you enjoyed it!
Happy to help =)
Thanks!
Great podcast. Thank you for clarifying many details. I can qualify for REP this year, but not likely in the near future, should i cost seg all 3 properties this year, even if the losses exceed my w2 taxes ? Can it be carried forward like passive losses? What about self employment taxes as REP?
Thank you
Great question. Generally speaking, it can make sense since your losses carryforward as net operating losses and not as passive losses. Be sure to speak with your tax advisor before pulling the trigger on cost segregation.
Real estate professional
Does going back and "fixing" or amending significantly increase the chance of an audit?
Potentially...before amending a return, always speak with your tax advisor to look at the cost/benefit. On each amended return, you are required to state what is being corrected.
How does house hacking a live-in flip adding on the adu, change the hours counted towards REP status?
Assumig the ADU itself is 100% rental, those hours may count towards REP status. Time spent on your main home may not count though even if the future intent is to turn it into the rental.