Hello Ryan I am very happy to join this group and just saw the video recording of you class this weekend. Can I also access videos you have done in the past on this platform. Dr Arora

Link: https://www.skool.com/taxes/classroom/ec6893ee?md=a4d38121a3154979a9f52d04cd5e46be Key Takeaways: 1031 Exchange with a Price Bump - A seller with a $400K rental under a lease-purchase option was asked by the buyer to add $40K to the sale price, financed into the mortgage and returned via escrow to reduce the buyer's cash at closing. - A 1031 exchange is based on the net purchase price (after closing costs), so the bump likely isn't a federal issue on its own. - Fannie/Freddie conventional loans typically cap seller assists at about 6%, so a 10% bump could create underwriting and appraisal problems. Documents should never misrepresent the deal. - The seller was advised to check with the buyer's underwriter and their own 1031 intermediary. - The $30K non-refundable option deposit was treated as prepaid purchase price, and secured vs. unsecured likely doesn't matter. The hosts will research further in the kickoff call. Cost Segregation and Bonus Depreciation - A cost seg can be done after acquisition by filing Form 3115, which typically costs $600 to $1,000. - One attendee was quoted $2,750 for the form, which the hosts said was by far the highest they'd seen. It likely reflected the cost seg itself. - Avoid a cost seg in a low-income year, since deductions are worth more at higher brackets. - If income is low, pair the cost seg with a Roth conversion to absorb the deduction. There's no refund this year, but it saves taxes over a lifetime. - Run a tax projection first (about 2 weeks turnaround) and submit by November 1st for year-end planning. - Referral companies mentioned were RE Cost Seg (10% discount) and CSSI. Short-Term Rental to Long-Term Rental - Trying an STR for one year and switching to long-term if it underperforms is fine, as long as the first year meets the requirements. - Don't flip back and forth annually for tax benefit. A one-time pivot with a real business reason is defensible.

Link: https://www.skool.com/taxes/classroom/ec6893ee?md=5b763541bd6d49fdbd01a592b2d032ae Key Takeaways - Q4 is planning season: Review revenue and expenses now and decide which levers to pull before December 31 (another property, business vehicle, Solo 401(k), HSA, pre-tax 401(k)). - Deadlines: Individual 2025 extended returns are due October 15, so get any cost segregation study done in the next two weeks. - Accelerate or defer based on your year: If this year has big write-offs (cost seg, bonus depreciation) and next year will be lighter, defer expenses like HOA, accounting, and attorney fees into January and consider pulling income forward. - Prepay only when this year is the higher-income year: Deductions are most valuable in the year with income to absorb them. - House hacking works well: Record your move-in date, since depreciation on the personal-use portion stops then. - Furnish before you move in: Pay for furnishing and renovations beforehand so they're deductible as rental expenses. - Home sale exclusion: Prior residency still counts toward the two-of-five-years rule. - Short-term rental conversion: Furniture and items like a sauna qualify for 100% bonus depreciation for 2026 and later. - Cost seg is borderline under roughly $200K to $250K, and may not make sense if you plan to move back in, due to depreciation recapture. - STR qualification: You need at least two stays with an average under seven days, plus 100 hours of participation (spouses' hours combine). - What counts as hours: Hours count from when you're under contract. Furniture assembly, repairs, staging, and bookkeeping count. Travel from your primary home and tax strategy calls don't. - Documentation: Keep an hours tracker and a ledger. Bank, card, Venmo, and Zelle statements serve as the paper trail. - Interest: Mortgage and HELOC interest is deductible when used for the rental. - Passive losses: Losses from long-term rentals carry forward indefinitely. - Long-term outlook: You don't need to buy a property every year, so stay realistic about what you can manage. - Real estate professional status: If a household has no W-2 income, a spouse may qualify. - Trusts: Your attorney and title company handle moving properties into a trust. - First death: The deceased spouse's share generally gets a step-up in basis and typically needs its own EIN. Review the "upon first death" provision with an experienced real estate attorney. - Tools: Baseline is a recommended landlord bookkeeping app that tracks by property. Use a separate rental bank account. - Hiring family: Pay family members through a real payroll service like QuickBooks or Gusto to make the deduction legitimate.

Link: https://www.skool.com/taxes/classroom/ec6893ee?md=6b22b282f348487e876e47ca231b5b2b Here's a summary of the key takeaways from this Friday Q&A session: Firm Updates & Logistics - BudgetDog Tax split: Brennan and BudgetDog Tax are moving to a new interface with new advisors. Kevin, Ryan, Mason, and the team continue as Tax Strategy 365, with the same admins, preparers, and reviewers. - Pricing for former BudgetDog clients: A discount of roughly 20% was mentioned. Request 2027 pricing and engagement letters by opening a thread in TaxDome. Pricing is finalized; the delay was due to the Sept 15 extension deadline. - Services stay the same: Kickoff call, deep-dive calls, check-in calls, an end-of-year tax projection, and unlimited Q&A (in TaxDome or on Friday calls). For hard questions, use TaxDome so Kevin can research first. - Billing questions: Go through TaxDome so the billing team can review. Starting a New Business - No profit threshold: You don't need to hit a revenue number to deduct expenses. You need a profit motive and good records. Most businesses show tax losses in the first years. - Separate everything: Open a dedicated business bank account and business credit card (no-annual-fee cards recommended). Track in QuickBooks Online (the "gold standard" for businesses, though not for rental properties). - Deductible examples: Software, website, marketing, photographers/videographers, supplies, licenses, professional fees, trainings, masterminds, networking, and AI tools. - Home office: Measure the square footage of the dedicated space. The simplified method caps at 300 sq ft ($5/sq ft = $1,500). It's allowed per business activity, so spouses with separate businesses can each claim one. - Phone/internet: Deduct the business-use percentage (e.g., 40% of $1,000 = $400). - Mileage: 72 cents per mile was quoted in the session. A log isn't required to file but is your audit protection. A reasonable percentage-based estimate is better than nothing. - Losses can offset a spouse's income on a joint return, such as a W-2 job.