All Forum Posts by: Greg O'Brien

@Nathan Robinson this may help

https://www.biggerpockets.com/topics/1056436

@Kenny Tran sold a rental or personal home?

@Robert Harden there are a few lengthy forums on this if your search on BP!

@Austin Spitzenberger check out this thread

https://www.biggerpockets.com/topics/1056436

@Suzanne Johnston You should tell your CPA that depreciation is mandatory, not optional! Not depreciating a property is not an option but unfortunately see it sometimes.

@Michael Plaks the craziest part is many don’t realize an actual human, in 2022, sits at a desk to type in numbers from any paper filed returns! Maybe use OCR to start?!

Curious did you directly copy that from an IRS publication?  If so, yes, they do need to clean up as the Regs are very specific.  IRS Publications are also not technically authoritative (which is crazy since most people do rely on them).

@Mike Hern flips are generally ordinary income subject to SE tax. Expenses to offset this would be any/all Trade or Business Expenses under IRC 162. Id consider your scenario completely deductible (unless the trip was part personal). If you structure things correctly, the “actual” vs “mileage” method could be more beneficial!

@Michael Baum partially. The 469 rules are very specific and get challenged in USTC often (one of the most frequent Id guess).

This topic comes up very often in this forum so I wrote a post outlining the topic which I referenced.

For example, you said “up to 100 hours”. The Regs say “for more than”. The 7 tests are pretty specific and have been interpreted by the courts. Seems small but I see investors audited over not crossing their Ts so hopefully the post I referenced can clear this up for everyone!

@Albert Bui that’s right. Paper losses are a key to wealth!