You make this election when filing your federal income tax return.

This seems like a lot of work to save 15% of $35k in taxes (Less than $5k.) especially if you have transfer taxes or title insurance, or you convert your long term 15% rate in to your son’s regular income tax bracket.I hate paying taxes as much as the next guy but this lemon isn’t worth squeezing.

There are advantages to many real estate assets, but that doesn't mean you invest in the them just to get a tax liability.

The issue is my taxes show very little income.  

Taxes/Expense:   flow through our personal taxes.Questions:a.

You can - 1) establish a trust for asset protection, 2) utilize the Homestead Exemption for property protection, 3) consider tenancy by the entirety for marital property (this might just be applicable to California, my home state)4) make sure you have adequate liability insurance for additional protection, 5) think about forming a business entity to shield assets, 6) and have proper estate planning for asset distribution.Seek tax and legal advice from experts in your state.

Don't forget to add fringe benefits such as health insurance and also payroll taxes, etc. 

The folks who are placing families affected by a need for an insurance claim have an "inbox" that is overflowing.

Because high rental yields, tax free income, and stable market. what do I have to learn first to start investing on Dubai's rental properties? 

Make a buy at a Nebraska Tax auction on just the taxes.4.