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I refrained from making any comments about holding real estate in an S- Corp.

I've heard from one of my professional groups that the IRS is considering a mid-year mileage adjustment. That will be so much fun breaking out mileage (that clients pull out of the air anyway) into the before rate and the after rate. I use MileIQ, so I have the my dates, and urge my clients to use it or a similar app or notes on their calendar (paper or electronic) or a paper log, but we all know which ones will not follow our directions.

I believe that taking some cash out and creating boot would allow that amount of PAL to be utilized, creating a tax-free aspect to the boot. That would involve more planning though, and they also have different rates.

They carryforward and attach to the property(ies) received in exchange. It is because the property was exchanged in a nonrecognition transaction, not disposed of in a fully taxable transaction. It's under sec 469, sorry don't have the exact reference. It's the same section that says the PALs can't be used in other nonrecognition transactions such as 351 and 721 transfers and when a passive activity property is sold as an installment sale (PAL allowed as gain is recognized in that case).

There is an input tab for Schedule E to enter the loss limitations. It will carry over to form 8252.

For support for minors, there is an obligation to provide shelter and its related costs, food (whether at home or providing an allowance for meals outside of the home, clothing, health care costs, possibly some nominal allowance to meet those needs not provided at home. I'd include travel costs to school (but not for vacations/parties), so that part of operating the vehicle and its related costs could be included in support. I would also include cost of a laptop/computer and internet access in support at this point too. Clearly, if the parents purchase a car for a 26 year old titled in the child's name, that is a completely different scenario. Gifts would be contributions to UTMA, 529, IRAs; larger amounts not for support; a car; other expensive gifts not required for their health/well being. Also, this is an older article on the subject of dependency of college students but still worth the read: https://www.thetaxadviser.com/issues/2010/aug/nichols-aug-2010.html