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7min chapter
187: 100% Bonus Depreciation Coming Back? (Do NOT File…Yet) w/Brandon Hall
On The Market
Misconceptions and Benefits of Being a Real Estate Professional
This chapter explores the misconception that buying an expensive car can be financially advantageous due to tax deductions, while explaining that these deductions are actually for business owners using construction equipment. They also delve into the specific IRS definition of a real estate professional and how it affects bonus depreciation benefits, including the option for both spouses to take advantage of tax benefits if filing jointly and one is a real estate professional. The chapter also discusses the workaround of investing in short-term rentals to qualify for the real estate professional status and highlights the benefits of cost-segregation studies, which can offset passive income or gains from other sources.
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