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EP. 44 Real Estate Investors Guide to Tax Deduction Mastery
Manage episode 406697020 series 3473749
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Dive deep into the world of real estate investment with us, and walk away with a wealth of knowledge on how to navigate the taxing seas of IRS regulations. Alongside my astute co-host, Hammed Lawal, we demystify the often intimidating realm of passive loss limitations under IRC Section 469. Grasp the essence of why passive losses should only counterbalance passive gains, and learn about the $25,000 real estate allowance that could benefit active participants. This episode is further enriched by insights from a seasoned CPA guest, ensuring you're equipped with the most comprehensive information on maximizing your real estate tax benefits.
Are you maximizing your tax deductions in real estate? We break down the must-knows for business expenses, honing in on vehicle use and the critical role it plays in the industry. Understanding the ins and outs of bonus depreciation, especially for heavier vehicles, can lead to significant tax savings— a point we explore alongside the ever-critical need for impeccable record-keeping. Also, we discuss how revisiting past filings with the help of a CPA can uncover potential savings you might have missed. For the detail-oriented listener, this chapter is a treasure trove of actionable advice, steering clear of the oversimplified guidance that proliferates on social media.
To cap off, we outline the crucial strategies for proactive tax planning, targeting those involved in fast-paced real estate ventures like house flipping and Airbnb rentals. Delving into tax loss harvesting and charitable contributions, we reveal how these approaches can significantly manage your tax liabilities. We stress the importance of forward-thinking to prepare for both the present and the following tax year. Remember, being well-prepared is the key to navigating the intricacies of tax and depreciation strategies in real estate, and we're here to guide you through every step. If you're seeking to create a positive impact through informed decisions, this episode is your roadmap to a more financially savvy future in the real estate domain.
Chapters
1. EP. 44 Real Estate Investors Guide to Tax Deduction Mastery (00:00:00)
2. Understanding Real Estate Tax Benefits (00:00:02)
3. Navigating Tax Deductions in Real Estate (00:18:23)
4. Tax Planning Strategies for Real Estate (00:25:47)
5. Real Estate Tax and Depreciation Strategies (00:39:41)
6. Information Sharing for Positive Impact (00:54:34)
61 episodes
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