So just to add clarity incase anyone ever digs this up. You can as a real estate professional use the losses from one home as a deduction for another home. I di...
It is a one time fee and is attached to the land. Basically it's purchasing a right to connect to the city water infrastructure. I don't think I would be able t...
Thanks for the clarity! I just have one more question that has been bugging me. Do I have to show some sort of proof for the cost basis?How does the IRS know th...
ignore half of this I just realized you answered it. but still curious about:I thought if I did the remodeling before I rented it out, it counts as a deduction....
Also I'm assuming that if I were to reduce the percent used as a rental to 10% for the last 2 years, 90 % would qualify for the 500k and the 10% would be capita...
