A Mentor – I am new to the area and hoping to find someone to learn from and help that knows the area well and can guide me in the right direction.2.

You can hand them over all your information to organize at tax time and their staff should be able to organize everything and get your taxes filed.

Hi,We recently (Aug 2024) bought commercial land of around 2 acres. this was part of bigger commercial lot (around 25 acres) which had AG exemption and so the taxes that they paid was around $20 each year. we received a 'AG ROLLBACK' letter from the appraisal district that starting 2025 tax year, we will be taxed at it market value resulting in additional taxes, interest and possible penalities for 3 prior years.

The Annual Owner Statement should break down all the expenses that the owner's tax professional then figures out how to deduct and on what tax schedule.So that way the owner can expense everything throughout the year?   

Since my adjusted basis is about 50K, am I going to have a $250K gain on my income taxes this year?

Your not correct under many different circumstances.First property tax is 1.1% (fairly safe) with 2% annual increase (prop 13).Next expenses include a lot more than property tax and interest. 

You would learn a lot from doing this deal.  

I assume there is zero or almost zero appreciation and that’s the reason you aren’t selling tax free?

You will realize the loss for tax purposes when you sell the security, which it sounds like will happen in 2025.

Technically it would be best to get a C Corporate or S Corp. to flip properties and since you are considered a dealer if you do several properties a year and this could have negative tax consequences in an LLC.