You need to "change your facts to change your tax" as the great tom wheelright put it.

I did a cosmetic fix on it and walked away with a little under $30k (before tax), as a comparison.

You will also have to pay transfer tax as well.4) Pretty simple, set up a business checking account.  

Unlike passive rental income, the income from an active trade or business is subject to self employment tax (a nasty 15% tax commonly referred to a "social security and medicare" by working folks).

I have asked for a refund from Broad Financial, and this was their reply:"Our counsel is of the opinion that a foreign IRA LLC of which the IRA account-holder/LLC manager is a California resident is not responsible for the California franchise tax - as long as the LLC is not doing in business in California as per the definition in Section 17708.03.

From what I've heard, you're better off paying out dividends which are subject to capital gains tax as opposed to pulling a salary that is subject to employment and income tax.

Investment Info:Large multi-family (5+ units) other investment in São Paulo.

*Looking for advice and to have this question answered- If I kept everything under the C-Corp would I pay the Capital Gains tax and then pay an income tax personally (double taxation) Or will I not need to pay the C-Corp Tax as long as I pay myself the wage asap?

It's just a bad entity structuring. 3) On top of that,  you cant hire your son to work for your rental to save some tax as soon as you have MMLLC (out of scope for this post) Also, it does not accomplish anything as to transfer of the property to your son.

On a recent podcast it was explained that the FEDs can’t tax a loan and the rental income to pay pay down the financing is subject to lower taxes.