“Basis” is a loaded word for accountants. It is very much described in the same regards as “time”, in that there never seems to be enough time when it is needed most.
Recent client question from a CFP (Certified Tax Planner) to GP CPA.
Your rental properties provide tax shelter when you can deduct your losses against your other income. One step to deducting the losses is to pass the tax code’s 750-hour test. And one step to finding the hours you need to pass the time test may be your drive times.
Whether your real estate investment is for appreciation (or speculation), flipping, or renting, the ability to prove what you did and when during the year is often an afterthought.
As the accounting function becomes more real-time, there are time savings based on streamlined processes and the availability of more information.