This is a good start to ensure the tenants are paying, expenses are not out of the ordinary, and a timeline for when tenants leases are up for renewal. 

This was exasperated when the socialist Labor Party took power in the 1950s, and raised capital gains to where the tax on ordinary income was, 89.9%.  

Its 25% (or i think your ordinary rate, whichever is lower --- but usually people aren't that low I think..). 

Recently, my accountant told me that if I hold a property for over a year in a LLC that does multiple flips a year, it will still be taxed as ordinary tax and not the capital gains tax.

If the suspended losses are in excess of the total gain, the remaining suspended losses will then offset ordinary income.3.

My lease says tenants are responsible for ordinary pest control, which would include birds.

IRS might see this as a flip property and charge you ordinary plus self-employment taxes.If this is the first property you were selling and you’re not gonna do this again and again, you might get away from not being self-employment taxes.

One camp says losses offset the capital gains first and the remaining losses offset the ordinary income up to $3,000.

@Wesley Mullen,TL:DR- look at some differing viewpoints and make a decision that is best for and your family.Soap box ensues.I’ll give you what appears to be the sole dissenting view-the money in your 401(k) gets taxed as ordinary income when you withdraw it in retirement.

@Mark C.You cannot 1031 a loan.Also mortgage interest received plus the monies above your basis would not have been long term capital gains it would of been taxed at ordinary income.