It appears the Stonecrest case was favorable for sellers and some of the subsequent cases are favorable for the IRS with respect to taxation.

I definitely agree with you that the high taxation Chicago is currently doing is detouring a lot of money out of the state.

Also, now that we have email and the intrenet, it may not be necessary for your CPA to be located in the area, just so long as they are up on the taxation of your state.I suggest you ask Charles Perkins here on BP as to what to look for given your specific circumstances, he is in Washington state and probbaly knows CA issues and CPAs there.

Actually, not only can you elect to have your LLC treated as an s-corp, you can instead elect to have your LLC treated as a c-corp or a partnership for taxation purposes if you choose.If you don't elect a specific type of taxation for your LLC (using IRS Form 8832), you will be taxed as a sole proprietor if you have a single-member LLC and as a partnership if you have a multi-member LLC.

Your CPA can helps with this.Capex has to be depreciated, but you can do chattel appraisals and such to depreciate things like appliances quicker than the real property.You can also defer recapture taxation by doing a 1031 exchange instead of selling.

A blog from a CPA on real estate taxation issues would be great to have too!

Anyone "shorting" a mortgage must understand forgiven debt may have serious taxation consequences.

As taxation/insurance/utilities/maintenance costs rise above gross profit in a shrinking-value world of deflation, even their bottom numbers turn red.

I TC Oh, so you're saying that any taxation is actually burglary?

A couple items that I forgot:--there is nothing wrong with having a single member LLC set up as "manager managed" --in terms of preserving the corporate veil, it doesn't matter whether the LLC is treated as a disregarded entity or elects S-Corp taxation for its tax treatment.