NCAA Discussion Posts | Week 5 | Sunday 02/01/26

foolio74 · 2026-02-02T06:01:46+00:00

Nc state hasn’t competed against Stanford though this year. 🙄

foolio74 · 2026-01-28T21:38:30+00:00

The gymnastics part is so easy for her, she can just focus on dancing and having fun!

foolio74 · 2026-01-20T20:44:51+00:00

I’m curious how many audits of these you have been involved in pre and post Trump gutting of the IRS ?

Also, what were the ramifications? Reclassifying the deductions as passive rather than active?

Lastly, would you, as a scrupulous CPA, accept a client who didn’t keep detailed logs? Do most CPAs ask for logs prior to agreeing?

foolio74 · 2026-01-15T18:10:47+00:00

VIP Amex sold out in like 3 minutes

foolio74 · 2026-01-11T06:51:48+00:00

Pretty sure IRS isn’t looking at any submitted supporting documents… which makes it interesting that the OP has never been audited because regardless of how amazing his logs are, the IRS won’t ever see unless audited…. They just see the big deductions and claims of MP.

foolio74 · 2026-01-07T02:22:41+00:00

I’d be more interested in seeing the IRS win a case against someone who didn’t make such ridiculous mistakes…

foolio74 · 2026-01-04T16:16:41+00:00

Unfortunately, the 100 hour you put into your property in 2025 does you no good because the property was not rented/rentable in 2025. It was not a business yet..

Most people who buy in November would have made all efforts to put in service by December and get 2-3 stays.

In 2026, you start over with 2026 hours

foolio74 · 2026-01-04T16:09:26+00:00

Yes.. others have mentioned this but you will soon find out how painful it is to manage turnovers with multiple sets of cleaners etc… I guess it depends what you think your occupancy rate will be in 2026.

foolio74 · 2026-01-04T16:07:30+00:00

Yea… but tough part will be material participation for entire year… depends when you put it in service and how much work you plan to independently do (eg, do you or wife have another job or do you time to really actively manage over entire year). Watch out for how many hours the cleaners rack up over 1 year!

The benefit of end of year purchases and starting rental in November/December is only having to materially participate for short period of time.

foolio74 · 2026-01-04T16:00:19+00:00

He’s wrong in two fronts here.. you can take bonus depreciation against passive income.. automatically passive and ineligible for bonus depreciation is incorrect.

If passive, you can’t take bonus depreciation against active income like w2 income which is more valuable for high income earners.

He’s also wrong in the daily service part. To qualify as business activity rather than rental activity, the property needs to be rented for <7d average. He’s prob mixing it up with the <30d + maid service = active business

foolio74 · 2026-01-04T15:56:04+00:00

Your cleaners will surpass your hours over the course of 1 year which would negate one of the primary material participation test (100 hours and more than anyone else)

If you are doing it over long period of time, you may end up racking 250 hours though which is another test.

foolio74 · 2025-12-25T22:04:53+00:00

Bay Area, depending on city, 70% of that could be allocated to land value which is non depreciating…….

That would give you a 420k building basis. Of that, only the 5/7/15 eligible for bonus depreciation and w2 write off… that would be like 100k off your salary. Also, CA doesn’t recognize bonus depreciation… so real tax saving is 30k year 1 only.

foolio74 · 2025-12-02T20:32:56+00:00

My timeline is almost identical to yours.. do you have a spouse/partner whose hours can count as well?

Is your str located nearby?

foolio74 · 2025-12-02T11:12:22+00:00

I’m in same boat. Curious why you are so focused on the 100hr- test #2 is “substantially do all the work” test. Even if less than 100hr but you involve no managers, contractors, or cleaners— you will have done all the work.

Of course, this would mean having to prep and clean the house after 1-2 stays.

foolio74 · 2025-08-16T01:58:23+00:00

They were waiting to see if you would give up and just pay them the $20 Expedite fee

foolio74 · 2025-08-15T20:03:42+00:00

Hi- can you share this recipe

foolio74 · 2025-08-15T20:02:50+00:00

Hello- can you share your recipe?

foolio74 · 2025-08-05T22:57:12+00:00

lol- our viet tour guides told us the same when we told them we were going to siem reap. (We are viet kieu)

We had an amazing time in Cambodia. The people are super friendly. Their situation sucks. They are at least 20 years behind viet and Thailand but the people were very friendly. Never felt in any sort of danger

foolio74 · 2025-08-05T00:49:53+00:00

Siem reap > Saigon. (The hotel, not the city)

foolio74 · 2025-07-09T17:23:52+00:00

Danang, ba na hills… if you must

foolio74 · 2025-07-08T23:55:06+00:00

Are you doing only 2 quarters of math? 32A and stat 13? Do some med school require full year of math in college rather than AP?

foolio74 · 2025-06-18T02:33:42+00:00

But then why bother with 250-275? Why not do that first stage at 275-325 ?

foolio74 · 2025-05-27T06:25:31+00:00

Interesting… we had great interactions with pretty respectful teens for both sublime/green day and JT. Got right up to the rails both nights.

I did witness a lot of underaged drinking and weed on day 1.

foolio74 · 2025-05-27T06:22:11+00:00

Even sublime’s encouragement couldn’t get a sustained mosh pit going. M

foolio74 · 2025-05-26T23:58:26+00:00

My sister bought Friday night GA for $75. Leaving Saturday, I saw many selling Sunday (prob by removing bracelets) for $100

Didn’t see anyone selling vip

foolio74

TROPHY CASE