Quote from @Alex Brown: Seeking recommendations for a CPA or Tax Strategist who specializes in RE and REPS Status.This post should help:https://www.biggerpockets.com/forums/51/topics/1222774-expla...And none of us is allowed to offer you our services as long as this post is in the tax forum.

Finding mixed results from a tax perspective of a cutoff where I need to depreciate over years with bigger purchases (>3k if I remember correctly). thanks!

Which accounting software and tax software do most of you small investors use?

How are you feeling about filing your taxes this year?

For those with a W-2, perhaps optimizing 401(k), H.S.A. deductions to potentially get tax benefits.

It doesn't seem like the WSJ released tax guides for 2024 or 2025?

Net investment income tax= 3.8%I was aware of the Long term capital gains tax, but I was surprised to find out about the Depreciation Recapture and the Net investment income tax. 

Real Estate Professional status is explicitly not recognized by California, among many other beneficial tax rules that exist on the Federal level.

Maybe that is why the old owner didn't pay their taxes?

Inheriting it is the best option tax wise- because it gives you a step up in basis to the property's value on that date.