We just have no clue how good we have it in the US vis a vi taxation.. 

@Pete KayYou may also be subject to the 3.8% net investment income tax which puts the tax at around 37.8%.You may want to look to seeing if you can invest the gains into a qualified opportunity fund.

Some of the other comments in the thread have me thinking that my CPA probably isn't on the up and up when it comes to real-estate taxation.

You open yourself up to more options if you are open to the idea.There are approximately 20 accountants on the bigger pockets message board that specialize in real estate taxation.

@Rob KoThe answer to this question depends on several factors - the general guideline is that you will not be faced with double taxation at the state level.

I just get the impression that most times they are fairly accurate on the tax at closing, so it doesn't really come up all that often. 

I don't want to get technical, but even Coops are not "Real Estate" since they are corporations.Coops don't even pay a Mortgage Recording Tax (at least in the past) because the MRT was a tax on Real Property and Coops were not considered that for Tax purposes.The Negative Cash Flow example is REAL and happened occasionally to properties in my portfolio.For NYC and many other highly appreciating places, CoCR will keep you out of those tremendous markets.

Courts have reclassified such deals from L/O to "disguised sales", forcing instant taxation of the entire gain. 3% and $9k may not be high enough, but keep it in mind.

I would prioritize finding an accountant who specializes in real estate taxation over one that is local.There are 20+ accountants on this message board who specialize in real estate taxation.

This is probably a CPA/Tax professional question - which form of business entity should I pursue to minimize taxation for foreign investors and for myself?