Real Wealth Show: Real Estate Investing Podcast

How Real Estate Can Give You BIG TIME Tax Savings!

9 snips
May 31, 2024
Tax expert Brandon Hall discusses the importance of 100% bonus depreciation for real estate investors. He also covers topics such as qualifying as a real estate professional for tax savings, audit risks, and the differences in tax treatment between short term and traditional rentals.
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ADVICE

Tax Extensions and Payments

  • File a tax extension to avoid penalties and interest.
  • Consult a CPA for accurate estimates and projections to base quarterly tax payments.
INSIGHT

Increased Audit Focus

  • The Biden administration's increased audits focus on real estate professional status.
  • This targets taxpayers claiming large real estate losses while having non-real-estate full-time jobs.
ADVICE

Documentation for Audits

  • Thoroughly document all real estate activities to avoid audit issues. Include all conversations and activities in a calendar and ensure it matches financial statements.
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