Quote from @Alex Brown: Seeking recommendations for a CPA or Tax Strategist who specializes in RE and REPS Status.This post should help:https://www.biggerpockets.com/forums/51/topics/1222774-expla...And none of us is allowed to offer you our services as long as this post is in the tax forum.

Which accounting software and tax software do most of you small investors use?

When it's sold it will be taxed as capital gains tax and may also have some unrecaptured depreciation which is capped at 25% and  recaptured depreciation as well which can be up to your ordinary income tax rate.

Rental property taxes can be tricky, but you have a few solid options:1.

@Zhenyang JinIf your LLC includes you and your business partner, yes you should file a 1065 partnership tax return.

It doesn't seem like the WSJ released tax guides for 2024 or 2025?

Net investment income tax= 3.8%I was aware of the Long term capital gains tax, but I was surprised to find out about the Depreciation Recapture and the Net investment income tax. 

Inheriting it is the best option tax wise- because it gives you a step up in basis to the property's value on that date. 

I have a capital gain taxes question:if I sell my home for 510k and provide the seller 10k seller credit towards escrow costs, would I be paying capital gains taxes in California for that additional 10k?

When dissolving your two-member LLC and selling a property, deferring capital gains taxes individually can be complex.