$100,000 GAIN FROM PROPERTY SALE: TAX DEDUCTION & REPs STATUS
Hello BP community,
I am a real estate investor with a portfolio of 6 rentals. This year I will qualify as a Real estate professional and I will also make a grouping election for all of my real restate units. I am planning to sell one these properties and I will gain around $100,000.
Can I reduce my tax burden if I qualify as a Real Estate Professional? Will the grouping election have any tax implications on the sale of that unit mentioned above?