For OK state taxation, your rental income is your NET income (or loss), just like for Federal.

@Fred KahnI recommend finding a tax strategist who specializes in real estate taxation and tax planning.

I recommend working with a tax strategist that specializes in real estate taxation and LLC formation to maximize your tax deductions. 

@Daniel OropezaI recommend finding a tax strategist who specializes in real estate taxation.

While the general principles regarding LLC ownership, asset protection, and taxation may apply universally, specific legal requirements, regulations, and tax implications can differ from state to state.Good luck!

@Hari JacksonI recommend finding a tax strategist who specializes in real estate taxation.

If you have paid the overseas lender 5% and didn´t withhold anything, the IRS will still want that 30% when tax returns are being filed.As long as they are in a country with a double taxation agreement with the US, then they should not have to pay the same taxes twice, but again, it depends on their location and personal situation and both borrower and lender should seek professional confirmation.

@Ankit BiradarI recommend finding a tax strategist that specializes in real estate taxation and STRs.

It might be disregarded from a taxation point, but that has no bearing on the discussion, method of transfer and type of deed.The fact that the trust is revocable or irrevocable has little to do with the type of deed - maybe only because with a revocable trust you can change ownership back to yourself and if is not a registered transfer & deed, is basically a transaction that never happened.A person receiving a purported real estate interest via a quitclaim deed may receive no legal right to the property whatsoever.

@Brice AlefI recommend finding a tax strategist that specializes in real estate taxation and LLC formation.