As you consider buying, owning, and selling, you will have many tax related questions. As a Realtor, my expertise is with helping to bring buyers and sellers together in a real estate sales transaction. I am not a tax expert so I do not offer any tax advice.
My suggestion is always that you contact a qualified tax accountant when you have tax related real estate questions. Also, while I have many professionals I work with, including tax professionals, I never endorse any specifically.
I came across the following answered questions on the site of one of out local CPAs, Benjamin Scott. This is a great group of questions - some of which may answer many of your real estate related tax questions.
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