They only know what tax return reports the activity of the property.A husband and wife selling a property that is deeded in their names is probably reported on their joint tax return. 

I'm looking to connect with investors, agents, and developers to grow my portfolio and learn from like-minded, driven individuals.Here are a few ways we can connect and work together:- Joint Ventures: If you have an exciting project in mind but need a partner to bring it to life, I'm open to exploring joint ventures.

I like to spend the first years income fixing up the joint.

@Larry Fried that was my knee-jerk response, too.

- Fixed return vs Joint Venture- Plan A & Plan B exits- Developer / Active partners projected profit (my headroom on a fixed return investment)

If you have to build second story, consider doing 5ft knee wall then build roof system to possibly save on costs instead of full height wall system. 

@Brian EllisThe 121 exclusion of capital gain of up to $250,000 single or $500,000 for married filing jointly requires you to have lived in the property as your primary residence for two years within the last 5 years.

Why not go with a joint venture or simple partnership?

Are you looking for a Joint Venture (JV)?

which flows to the WY LLC, which also files a tax return and that eventually flows to your joint 1040?