402: Tax Day Q&A: Live CPAs Help YOU Owe Less To the IRS
Description
Tax season is a nerve-racking time for many, especially for those who don’t have simple tax returns. If you’re a real estate investor, you need top-notch tax advice if you hope to reap the best tax savings when filing—legally, of course. And that’s exactly what we’ve got for you today!
Welcome back to another episode of the BiggerPockets Money podcast. Ahead of this year’s tax deadline, we’ve brought in reinforcements to answer all of your burning tax questions. Today’s guests are Kyle Mast, fee-only certified financial planner (CFP) and real estate investor, and Natalie Kolodij, real estate tax strategist and IRS enrolled agent. In this episode, they use their collective tax expertise and perspectives to tackle a handful of key topics.
Ever wondered whether there are different tax benefits when buying a property in cash rather than via a traditional home loan? If you’re in a partnership on a short-term rental property, how do you claim depreciation? What is a cost segregation study, and when should you do one instead of taking depreciation deductions over the normal timeline? As always, our trusted host Mindy chimes in with some important nuggets to help make your journey toward financial freedom that much easier (while owing less to Uncle Sam)!
In This Episode We Cover
Tax benefits of buying a property in cash versus getting a loan
The “2-out-of-5-year” rule that allows you to avoid HUGE capital gains taxes
How to claim depreciation deductions in an investing partnership
The pros and cons of cost segregation studies and normal depreciation deductions
Why you NEED to hire a real estate tax strategist (and how to find one!)
How to set up your business entity for the best real estate tax savings
And So Much More!
Links from the Show
BiggerPockets Money Facebook Group
Finance Review Guest Onboarding
Connect with Mindy on BiggerPockets
Listen to All Your Favorite BiggerPockets Podcasts in One Place
Apply to Be a Guest on The Money Show
Subscribe to The “On The Market” YouTube Channel
Listen to The “On The Market” Podcast: Spotify, Apple Podcasts, BiggerPockets
Money Moment
Get Tax Professional Recommendations from Other Investors
The Biggest Real Estate Tax Loophole You’ve (Probably) Never Heard Of
Year-End Tax Tips and How to Owe Even Less in 2023
2023 Real Estate Taxes: Write-Offs, Loopholes, and How to Pay Less Next Year
Click here to check the full show notes: https://www.biggerpockets.com/blog/money-402
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