I am looking to rent and hold (purchase a rental income property).

I’m a high income W2 earner getting hosed on taxes (currently own 5 properties).

Some context, I have 3 other properties in a different city and am currently on 1099 income (so I can't do conventional) for the past 3 months.

There are several things that come into play with determining if a property sale is capital gains or ordinary income. 

Debt to Income Ratio will be used for more conventional types of financing (Fannie/Freddie).

Historically used online software without much issue.Now that I'm looking at the settlement statements from 2004 and looking at a sizeable depreciation recapture hit, I came across a number of questions / issues:1) I believe in 2010 I incorrectly set my basis (I did not include the parking space and upgrades to the units - granite, flooring, etc.).

LLC Taxation for FlippingSince you’re flipping the property in under 12 months, the IRS usually treats it as ordinary income because it’s considered a business activity, not a long-term investment.

An IRA would pay a small tax on such unrelated debt-financed income.

Nor have I been able to find an online application that I can fill out. 

The income requirement was $6000.