Late new client. I am confident this one has been answered many many times. But I can't find quickly.
2014, Tp inherited a parent's home and a rental. TP rented both via property manager. The client performed all maintenance, repairs, etc. 2016 client quit w2 job (electrician) to go full time as a rental property/investor. 2018 client agreed to let renters in rental perform "work" in lieu of rent for January/February 2018. Renters then moved out in March 2018. The client began extensive permitting the rehabilitation process of rental for sale in September. property sold in September 2019. No rental income cash flow in 2018 or 2019. TP does have other properties. I believe the client should aggregate and be "Professional" R.e. in 2018 based on all facts and circumstances. How to or do I report the value of "work" performed by renters in Janaury\February in lieu of rent, for 2018? Does this specific property then cause any problems with aggregation?
Feel free to point me to any resource you wish. Thank you.
2014, Tp inherited a parent's home and a rental. TP rented both via property manager. The client performed all maintenance, repairs, etc. 2016 client quit w2 job (electrician) to go full time as a rental property/investor. 2018 client agreed to let renters in rental perform "work" in lieu of rent for January/February 2018. Renters then moved out in March 2018. The client began extensive permitting the rehabilitation process of rental for sale in September. property sold in September 2019. No rental income cash flow in 2018 or 2019. TP does have other properties. I believe the client should aggregate and be "Professional" R.e. in 2018 based on all facts and circumstances. How to or do I report the value of "work" performed by renters in Janaury\February in lieu of rent, for 2018? Does this specific property then cause any problems with aggregation?
Feel free to point me to any resource you wish. Thank you.
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