@Tyler Speelman, A 1031 exchange solves the tax issue. 

Focus on tax-saving strategies such as cost segregation studies and bonus depreciation to accelerate deductions.By qualifying as a Real Estate Professional (spending 750+ hours annually and materially participating), you can offset your wife’s S-Corp income with real estate losses, reducing your tax liability.

Hi All, any input on renovating a house and possible tax exemptions under an LLC?

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

@Anita Z.I recommend finding an accountant who specializes in real estate taxation, tax planning and financial planning.

And she’s the one that released the latest tax rates and year to year comparisons in September of 2024.

Here's a quick breakdown:Unforeseen Property Issues: Hidden damage, bad tenants, major repairs – these can eat into profits.Vacancy Woes: Empty units mean lost income, impacting cash flow.Market Downturns: Property values can drop, affecting your investment's performance. 

5 Tax Mitigation Strategies Every Real Estate Investor Should KnowAs a real estate investor, every dollar you save in taxes is another dollar you can reinvest into growing your portfolio.

Beyond immediate safety concerns, the long-term financial implications, including taxes, are a pressing issue for those impacted by the disaster.

NJ has the highest taxes per capita in the country so high taxes are expected especially in Northern NJ.