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The Ultimate Guide to Tax Planning for Real Estate Investors: Insights from a CPA
Manage episode 364109902 series 3452735
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The 2022 tax season is over. Did you pay through the nose? It's time to take your tax planning seriously in 2023. Watch this interview with a real estate tax expert and save yourself thousands next time you file!
In this in-depth 87-minute podcast interview, real estate investor and CPA, Sean Daley, shares his expert insights on tax saving and tax planning strategies specifically geared toward real estate investors. Whether you're a seasoned investor or just starting out, this interview is packed with valuable information that can help you maximize your investments and save thousands of dollars on taxes.
Sean covers a wide range of topics, including depreciation, 1031 exchanges, and the benefits of investing in real estate through a self-directed IRA. He also shares his thoughts on the current state of the real estate market and offers advice on how to navigate the challenges and opportunities that lie ahead. If you're looking to take your real estate investments to the next level, this interview is a must-listen (and watch)!
Watch this podcast in video format on YouTube here.
Time Stamps:
2:13 - Sean Daley’s background and real estate experience
4:26 - tax benefits of house hacking
9:50 - how Sean used rental income from his house hack to save for a down payment for his next investment property
13:32 - Sean’s advice for people who are thinking about but hesitating to get into real estate
15:56 - The BRRRR method explained
17:12 - In the Lab: Sean’s breakdown of various tax planning and saving topics
19:18 - The different ways that different types of income are treated by taxing authorities
27:32 - Depreciation recapture explained
29:16 - Real Estate investor tax advantages
36:18 - 1031 Exchange explained
42:05 - advantages of cash-out refis
45:26 - installment sales/seller financing
47:46 - step-up basis explained
51:27 - interest expense, principal pay down, and 1099s for independent contractors
58:53 - what you can write off as a real estate investor
1:04:51 - loss on rental property to offset W2 income; real estate professional status
1:08:00 - cash flow vs taxable income example
1:12:39 - overrated/underrated: tax planning
1:17:10 - in the news: Biden’s proposed tax law changes
1:22:50 - tip of the week: record keeping best practices
1:26:28 - how to connect with Sean
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