Let'sgoflying!
Touchdown! Greaser!
Let's say you just bought some real estate, and have to decide on its use, for tax purposes.
Presumably a better use, from the standpoint of taxes is to make it all a business. The only other choice I could see is as personal recreation property (it is a house with acreage) and such a use would likely be the worst tax situation.
So what other considerations are there other than IRS taxes (and potential income)?
I asked my cpa and he says decide based on other than taxes. I was not getting the answers to other questions (I like him for other reasons so I am not about to ditch him right now.)
As a business (rental, B&B, vacation home) I think I can depreciate the buildings, not the land and can deduct repairs, improvements.
I don't see any way to get the efficient hvac tax credits on such a property.
What else should be considered?
Presumably a better use, from the standpoint of taxes is to make it all a business. The only other choice I could see is as personal recreation property (it is a house with acreage) and such a use would likely be the worst tax situation.
So what other considerations are there other than IRS taxes (and potential income)?
I asked my cpa and he says decide based on other than taxes. I was not getting the answers to other questions (I like him for other reasons so I am not about to ditch him right now.)
As a business (rental, B&B, vacation home) I think I can depreciate the buildings, not the land and can deduct repairs, improvements.
I don't see any way to get the efficient hvac tax credits on such a property.
What else should be considered?