All Forum Posts by: Javi Chipi

@Michael Warinner take classes at night while you have a lighter course load. Take longer to finish school but work while your in school. But if you really don’t want to finish school then work 60-80 hours a week and save up money. Get your real estate license and try and farm a particular area.

@Michael Plaks yup. Can’t get lucky forever. Good point.

Angela indicated she had a fully rehabbed house. I was merely asking if it was advertised as that is a factor to consider in whether a property is held out for the production of income. IRC 212. See the court case I cited for why I would ask this. I cannot vouch for everything another author says and diving deep into specifics in a short post is beyond the scope. I recommended she consult a CPA. That is all.

@Linda Weygant. https://www.google.com/amp/s/www.forbes.com/sites/peterjreilly/2014/09/17/need-to-show-rental-effort-to-deduct-expenses/amp/ ... with enough effort to try and rent the property a loss can be supported on a vacant property. Many taxpayers don’t meet that burden. Whether something constitutes a trade or business is factual. Factors indicating a motive for profit include advertising. See Gorod v. commissioner, 42 TCM 1569 (1981). It depends on the facts. I didn’t write the article you are referring to.

@Natalie Kolodij I was referring to advertising the property as being held for rent. No problem as I may not have been clear enough. Take care.

@Angela Smith right what I was getting at was if it was advertised for rent. https://budgeting.thenest.com/can-deduct-rental-expenses-property-vacant-25648.html found an article online about this. Best of luck.

@Michael Plaks “it is not rented yet” hopefully means it is held out for rent and time/money was spent to advertise it as such but I don’t want to make assumptions. Thanks

@Angela Smith you could cost yourself a lot of time, money, and headaches by trying to self-prepare. And if you get audited you could have problems including penalties and interest if you made mistakes that caused you to underreport income or report losses that aren’t deductible.

And whether or not you can claim a loss from a rental property (assuming it’s held out for rent) requires even more analysis. Best to go with a CPA you trust. I don’t just mean someone who prepares returns. I mean someone with the letters CPA after their name. Good luck.

@Natalie Kolodij is the property held out for rent? Her facts did not indicate.