I too am interested in understanding taxation in the U.S. real-estate market.Here in Canada, if I were reselling/flipping houses, they would be seen as inventory by the taxman and my proceeds would be taxed as income and not capital gains.

You definitely want a CPA who knows real estate tax and also trust/estate taxation as when it comes to issues like this, there are potential consequences if formalities are not followed.

Last year, he sent me home with some reading material on dividend taxation lol.

I understand the differences in financing etc, but cant find any solid info in regards to taxation.

That value is for taxation reasons only and is usually 80-90% of the FMV (Fair Market Value).Your taxes that you would have to pay on that are roughly 10%, which is the $1,052.26 amount; however, in the state of Louisiana if this is your primary residence you can claim the homestead exemption.

No need to hold on to the property (with liabilities and taxation attached).

@Robert FrazierThe root cause of the housing shortage is politicians that keep the price of housing high via regulations and taxation.

There is no cookie cutter approach to taxation and definitely no "one size fits all".  

Even if Raleigh appreciates at half the rate as SD, your total return is going to still be superior.The kicker to this example ... you're making good money in CA - you're paying a minimum of 9.3% in state income tax, maybe more ... in NC, you'll have a flat income tax at 5.25%. 

Start earlier / younger Learn about RE taxation