Is it better to have the highest basis possible to increase depreciation and decrease the amount of taxable gain at sale?

Depreciation of the property also shelters a majority of the taxable rental income, if not all of it.

For a business owner with $100,000 taxable annual income, the net tax savings for using an S Corporation instead of an LLC in taxes paid every year can be as high as $7,500.Holding PropertiesWhen holding properties as a cash flow investor, the LLC (or LP) is generally the better choice because an LLC has more liberal distribution rules.

In the case of a pass thru entity (LLC, S-Corp), it can help offset your taxable income.

Finally, any sales or transfers of property out can trigger big taxable events in corporations that have to be paid then, instead of maybe being deferred to the future in a partnership or sole prop situation. 

For my investments (roth/taxable) I wrote a simple but effective plan that I worked passively on for a few months, this way when I'm tempted to go with a fad or get caught up in the latest fear/greed cycle I can look back to a plan I made with a cool head.  

Married couple filing jointly has taxable ordinary income of $30,300 and long term capital gains of $100,000.

The 121 Exclusion allows you to exclude up to $250,000 in capital gain if you are single and $500,000 in capital gain if you are married from your taxable income. 

It's very nerve wracking to think, us as a household that makes roughly 35,000/year will have to pay back 15,000.Originally enacted in 2007, the Mortgage Forgiveness Debt Relief Act allows debt forgiveness of up to $2 million to NOT be considered taxable income if: The house has been used as the principal place of residence for at least two of the previous five years.The debt has been used to buy, build, or make substantial improvements to the home.

I have good income as a PT and want to reduce my taxable income vs raising it.