BiggerPockets Real Estate Podcast
934: How to Pay Less Taxes by Buying Real Estate (1 Write-Off You’re Overlooking) w/Brandon Hall
Apr 11, 2024
CPA Brandon Hall discusses the most overlooked real estate tax write-off, the importance of tax planning before property purchase, and the potential return of a massive tax benefit. He also shares insights on who should handle their taxes, strategic portfolio scaling, and major audit red flags to avoid.
43:54
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Quick takeaways
- New real estate investors can benefit from learning to do their taxes themselves to understand tax laws and enhance financial literacy.
- Hiring tax professionals prematurely can lead to high costs, errors, and challenges in understanding the tax process for small portfolio investors.
Deep dives
Benefits of Learning to Do Your Taxes Yourself as a New Real Estate Investor
New real estate investors, especially those owning one to three properties, can benefit from learning to do their taxes themselves. This approach allows investors to understand the ins and outs of tax laws, like depreciation, cost basis, and income offset strategies. By navigating their own tax returns, investors gain valuable insights into how various tax elements flow through different forms, enhancing their overall financial literacy and equipping them for long-term tax planning.
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