BiggerPockets Real Estate Podcast 625: Live Takes: How to Tackle the Tax Man by Buying More Real Estate
Jun 21, 2022
Discover how real estate can be a powerful tool for reducing your tax burden. Learn strategies like leveraging depreciation and understanding tax benefits for full-time investors. The hosts tackle essential topics on mentorship, communication, and the dynamics of partnerships in real estate. They'll also discuss practical tips for navigating self-employment tax and optimizing financial strategies. Get ready for insights on setting goals and innovative investment techniques to enhance your real estate journey!
AI Snips
Chapters
Transcript
Episode notes
Becoming a Real Estate Professional for Tax Benefits
- Real estate professional status can significantly reduce your tax burden by offsetting income with real estate depreciation.
- Consult a CPA to determine your eligibility and understand the requirements.
Finding a Mentor
- When seeking a mentor, focus on providing value instead of simply asking for help.
- Identify the mentor's needs and offer solutions, creating a mutually beneficial relationship.
Mentorship Examples
- Henry Washington mentored a contractor who offered a labor bid in exchange for guidance.
- Another mentee offered a 50/50 split on a deal, gaining firsthand real estate experience.