(Especially the house basement rental, since it’s part personal residence and part rental.)I would consider all but (1) Bar and (2) non-rented house portion to be countable hours for Taxpayer’s Real Property Trades or Businesses for REPS hours.I’ll still give my thoughts but first blush is I don’t think you will get there as (1) you're already close to the threshold already and you’re including the bar hours, which I would assume takes a decent bit of time, which should be excluded as not a real property trade or business.

IRS FAQ on Bonus : "(a) the property was not used by the taxpayer or a predecessor at any time prior to such acquisition; (b) the property was not acquired from a related party or component member of a controlled group; (c) the taxpayer’s basis in the property is not determined in whole or in part by the seller’s or transferor’s adjusted basis in the property; (d) the taxpayer’s basis in the property is not determined under section 1014(a) or 1022, relating to property acquired from a decedent; and (e) the cost of the property does not include the basis of property determined by the reference to the basis of other property held at any time by the taxpayer"

The involvement of a qualified tax professional is essential to ensure that taxpayers navigate the process accurately, efficiently, and in compliance with current tax laws.

It might be best to consult with a CPA before you do the conversion.In a nutshell, we are calander year taxpayers.

But the standard is still your intent and how you can document that, rather than a set time.If you did decide to do a 1031 exchange, one of the requirements is that the title holder/taxpayer for the old property has to be the same for the replacement property, so if you decide to put the property in a multi-member LLC that files its own tax return, then the LLC has to also purchase the replacement property.

They haven't gotten their taxpayer-funded money due to the shutdown, or what they have gotten has gone elsewhere. 

Ask your CPA about cost segregation to speed up those deductions.Finally, avoid beginner mistakes like mixing business and personal funds, skipping quarterly tax payments if you are profitable, or buying properties without a strategy.

“Same taxpayer” in = “same taxpayer” out.2) Want individuals to go their own way?

For larger properties, some of our clients run another cost segregation study at the time of sale.2) Partial Dispositions - Taxpayers can carve out and dispose of components removed or demolished from a building.

Lowers cost burden on tax payers in an entire spectrum of ways.