Whether its capital gains or other types of income, definitely speak to your cpa as I have seen people do some interesting things with taxation on notes etc.

My CPA has instructed me that the depreciation I take from that particular investment can be used against the passive income I make from that particular investment only.  

I would talk to your CPA/tax strategist or other professional first). 

Confirm with your CPA.  

So an estate planning lawyer and a CPA.

This is a question for your CPA.  

I agree, CPA two masters here.

Make sure you talk to your CPA and seek counsel if you are going to do these strategies as there are specific rules you need to follow.

FWIW, a CPA indicated single entity LLCs don't provide the same level of legal protection as multi-member LLCs provide.

So....... with my previous CPA (who has since unexpectedly retired) we did a cost segregation study on an asset that was placed into service in 2021 which broke down the bonus depreciable items into 3 buckets, a 15 year bucket, a 7 year bucket, a 5 year bucket and the rest would be on a 39 year straight line depreciation schedule as it is a short term rental.