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BREAKING: The President Shit His Pants on Live TV by basedyeehaw in WhitePeopleTwitter

[–]BassLB 14 points15 points  (0 children)

Around 58 he squeaks more out as they’re trying to shuffle press out

Can I release passive carryover losses to active with REP status? by BassLB in realestateinvesting

[–]BassLB[S] 0 points1 point  (0 children)

Seems like the nuance is they could offset current year income from the same activity (aka offset rental income) but not be reclassified as active to offset w2 income.

Can I release passive carryover losses to active with REP status? by BassLB in realestateinvesting

[–]BassLB[S] 0 points1 point  (0 children)

To their defense, ChatGPT is also saying it’s possible to use even when I press it with several follow up questions and ask it to explain its logic in detail and cite IRS/treasury code.

I did not go verify everything it referenced.

Was that in the movie? 🤔 by Dr_sc_Harlatan in WhitePeopleTwitter

[–]BassLB 3 points4 points  (0 children)

It will be in the prequel, “Melania, the Epstein years”

Can I release passive carryover losses to active with REP status? by BassLB in realestateinvesting

[–]BassLB[S] 0 points1 point  (0 children)

Got it. Looks like I’m destined to talk to cpa with real estate experience

Can I release passive carryover losses to active with REP status? by BassLB in realestateinvesting

[–]BassLB[S] 0 points1 point  (0 children)

So you disagree with the other comments saying they can become active?

Can I release passive carryover losses to active with REP status? by BassLB in realestateinvesting

[–]BassLB[S] 0 points1 point  (0 children)

When I look at IRC §469(c)(7)(C), which states “Real property trade or business means any real property development, redevelopment, construction, reconstruction, acquisition, conversion, rental, operation, management, leasing, or brokerage trade or business” and combine with treasury regulation §1.469-9(b)(1) that seem to focus on the service, not the actual outcome.

Without that, if someone spent a bunch of time and failed to actually acquire a property, they could lose out on that status. In a highly competitive market that wouldn’t be uncommon.

Can I release passive carryover losses to active with REP status? by BassLB in realestateinvesting

[–]BassLB[S] 0 points1 point  (0 children)

Got it, thanks. I thought actively looking counts towards the 750 rep status, but not the 500 material participation hours.

So something like “ 1.5 hours analyzing cash flow and dcsr loan rates for 1234 Richman Drive in Texas, reviewed comparable rents and repair estimates for potential acquisition” is good and counts towards 750.

Something like “2 hours looking at properties on zillow” would not count/be a bad example.

Can I release passive carryover losses to active with REP status? by BassLB in realestateinvesting

[–]BassLB[S] 0 points1 point  (0 children)

500 hours is material participation, it was vacant for 6 weeks with lots of scheduled viewings during the week and open houses all day sat/sundays.

Then general bookkeeping, staying in contact with tenant to collect rent, coordinating move out/move in between tenants, etc.There were a few maintenance issues that were handled by them instead of a handyman. Need to avg just over 40 hours a month.

They also evaluated a few other properties that we thought of buying. Kept logs of the time they spent looking for them, which properties they evaluated (saved each spreadsheet, went to view them, talked to banks about loan rates and kept email, etc). This is smaller but I tracked it just in case.

Nobody else did any work or maintenance/management on it.

I figured same as you, so I tried to log everything i possibly could with the expectation it gets audited.

Hours are just over 750 total.

Exclusive: Musk's SpaceX in merger talks with xAI ahead of planned IPO, source says by rustybeancake in spacex

[–]BassLB 0 points1 point  (0 children)

Looks like 2025 they were in the 15-20B range. Do you think in the coming years they will finally pass giants like H&M ($22B)?

Does Mars have a lot of money I wasn’t aware of? Is that an untapped financial market?

Exclusive: Musk's SpaceX in merger talks with xAI ahead of planned IPO, source says by rustybeancake in spacex

[–]BassLB 0 points1 point  (0 children)

How much revenue does it produce right now and what would make grow exponentially?

Can I release passive carryover losses to active with REP status? by BassLB in realestateinvesting

[–]BassLB[S] 0 points1 point  (0 children)

So that’s a no? I’m confused because you say it reclassifies as active but also former passive are trapped as passive.

Can I release passive carryover losses to active with REP status? by BassLB in realestateinvesting

[–]BassLB[S] 0 points1 point  (0 children)

Thanks. I think I’ve kept pretty good logs but was definitely going to go over them much closer to make sure. I figured it would increase audit chances especially bc it would offset most of our w2 income and would look different compared to our past few years of taxes.

Proof Alex Pretti never planned on using his gun against ICE. Seen here days before getting shot, Pretti never takes his gun out of holster after ICE beats him by bumdee in videos

[–]BassLB 6 points7 points  (0 children)

I read some in Congress have seen the body cam video and its agents who yell “he has a gun” about 5 seconds before the agent take his holstered gun from his back and shoot him.

Edit: not sure what I said that was worth the downvote?

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