Yes, the right way as not to be taxed more on your property value.And do you need a bank account dedicated to the LLC?

The $100,000 cost of the original structure in 2021 would not be depreciated further because it was demolished.So, for tax purposes, you would only depreciate the cost associated with the new construction, not the original structure that was demolished.

These are reported and "retained" on IRS Form 8582.Of course, if you are unsure or would like additional guidance in determining what might fit your specific situation, please reach out to a CPA/Tax Professional who may be able to assist.

This saves thousands of dollars per year.2.

Don't step over a dollar to save a dime.

If you are interested in moving your entire portfolio, would you peel off (tax purposes) or dump everything?  

We saved as much of the mid century material as possible.

@Sridhar D. that's a strange reason unless the tenant needs to fix their credit or save up for a down payment to qualify for a mortgage.If so, I wouldn't hold my breath that they will perform.

More specifically, my questions would be:What type of account(s) do I put the money I save for maintenance, vacancy, capital expenditures, etc. into?

It is passive investment earnings, not self-employment income.If you wish to take existing retirement savings and diversify into things like real estate and private lending, a self-directed checkbook IRA would provide flexibility similar to the Solo 401(k).