Hey Mark and Matt, I love the show and appreciate your teachings. This is my first year with my small real estate business in Idaho. I’m trying to make it grow, but mostly, trying to learn the tax and legal side to same money. Going off of your Cost Seg. pod cast; I’m doing a fix and flip right now that I was planning on selling, but after listening to the short term rental loophole, I might have changed my mind. I make over 100K on my W-2 job. I also converted a 30k traditional IRA to Roth on Directed IRA. If I use the short term rental loophole and offset those deductions against my other income and the IRA conversion would be great. IF I DO THAT THIS YEAR, WHAT ARE MY OPTIONS WITH THE PROPERTY FOR NEXT YEAR? CAN I THEN SELL IT, OR CONVERT IT INTO LONG TERM? ARE THERE ANY RESTRICTIONS?
Part 2:
Speaking of the same fix and flip, when you talk about dining and travel, I know you can deduct a percentage of it. do you treat those deductions differently when using them with your company in general than when using them on a specific project (fix and flip)? when working on the fix and flip, I feel like those are deducted 100% as expenses to get your Net Profit at the end of the project? can you guys talk about this a little bit more.
Thank you for all that you guys do for us.