Quote from @Travis Smith: Age 56 and retiring from farming and I’ve been very good at avoiding income taxes with depreciation and business expenses.  

But the only way to have a definitive answer and avoid "likely" and "possibly" is to analyze your plan with your own CPA and find ways to boost your hours.

You may be able to deduct mortgage interest and property taxes before the property is in service. 

Personally, I always try to avoid general statements that could be misleading.

For the LTR outside CA, forming an LLC in the state where the property is located can reduce administrative costs and avoid double franchise taxes in California.

It's in addition to this tax.

Focus on tax-saving strategies such as cost segregation studies and bonus depreciation to accelerate deductions.By qualifying as a Real Estate Professional (spending 750+ hours annually and materially participating), you can offset your wife’s S-Corp income with real estate losses, reducing your tax liability.

Home went to tax sale county kept excess proceeds.

If you go self-employed, youll need two years tax returns.

Hi All, any input on renovating a house and possible tax exemptions under an LLC?