While not mandatory, a specialized accountant can reduce errors and provide significant tax-saving strategies tailored to your situation.This post does not create a CPA-Client relationship.

For a rental property, the gain is subject to capital gains tax (15-20%) and depreciation recapture tax (up to 25%) on any depreciation claimed, unless the proceeds are reinvested.To minimize taxes, consider reinvesting the sale and insurance proceeds into another property under §1033 or converting the property to a rental before selling to claim depreciation deductions.This post does not create a CPA-Client relationship.

Avoid C-Corps, as they incur double taxation.Use LLCs for rentals and consider an S-Corp election for flips if income justifies the additional complexity.This post does not create a CPA-Client relationship.

Originally posted by @John Voychick:I'm sorry for your experience.

Originally posted by @Juan Pablo:Hey, thank you all for commenting.

Absolutely love this post!

I've seen posts on here from a few years ago about rental portfolio dashboards, but all seem to be inconclusive or suggest a software subscription to have such a reporting tool. 

Based on your post;1.

I’ve been part of the BiggerPockets community for a while, but this is my first post.

There are the obvious pros/cons of a duplex but then there are the non-obvious ones that come with being in Detroit.I actually have a fantastic article about this I can share but I'm unable to link to it in this post.