It seems a stretch to pay for the Rig with Section 179.I would have development equipment onboard and dedicate a portion of the space to developmentI could put the companies logo on the side as advertisementGiven this, what tax strategies are actually practical?

I’m in the 33% tax bracket through my real job and this could be a big difference in taxes owed if we sold the property?

Jimmy,You need to show (2) years of 1099 SE income in order to use FHA, or traditional financing to get approved for a mortgage.

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

The only taxes I remit directly now are the tiny town tax they implemented of 1%.I just take my net income spreadsheet and calculate the 1% and give them a check.

Adding the ex to the title could trigger gift tax implications, so keeping it simple is best.

So you are already paying tax on the income.LLC taxed as an S Corp would be different, but I doubt that is your case.

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.  

I don't know the answers on taxes, but New Jersey is the densest state in America.

These folks also tend to have all of their income and expenses going through a separate bank account so they just need to look in that one account to get everything organized.Self Managed, High Volume, Not Organized at all - this is the type of people that stress out over tax season.