I’ve qualified as real estate professional since 2021 and just found a potentially good opportunity to acquire a property in Mexico that would make for either a solid STR and/or eventually our forever home.I’m completely new to acquiring a foreign property- how to finance, what purchase process looks like, how foreign STR is taxed, does real estate professional status matter, etc. 

No W2, tax returns etc.

@John FongCalifornia is generally more cumbersome than other states when it comes to taxes and filings.

We are not subject to federal gas lease revocation at the whim of the administration.

When you die, your heirs inherit the property at a stepped up tax basis capturing the equity tax free.

In this case, how and when can we incorporate those expenses into our taxes? 

@Jane Mipsey putting the investment property in an LLC is purely for limiting your personal liability, not for tax purposes.

I feel like if I pay 15% bonus taxes, I should be able to write off my car I drive for my business haha. 

I am curious what tax benefits I can claim, if any, specifically:1. 

Is it real that you can save on W2 income taxes if you have a short term rental.