Tax planning needs to be done at the individual level to avoid such taxation and there are ways.

Property Taxes are the only form of local taxation that is allowed in Wisconsin.

@Alex HunterFor Investments held under one year, you'll pay capitals tax at the rate of your normal tax rate.

If my parents were to get a HELOC and gift me the money for me to buy an investment property outright cash would there be any taxation issues?

John,I recommend finding an accountant that specializes in real estate taxation over one that is local.

A friend's tax preparer said that's wrong I don't file in Ohio, and another friend of who also lives in California has owned a similar rental property in Ohio for a couple of years said he's only ever filed in California, not Ohio.I also just received a letter from the City of Englewood telling me that the rental of property for income within the city limits qualifies for local income tax at 1.75%.Can anyone provide any insight in this?  

I recommend finding an accountant that specializes in real estate taxation.

However, once you incorporate, financing and taxation become a big deal.

The purchaser will pay $10,182.49 for Mansion Tax at closing.

This will help them be more diverse in both business and taxation.