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Tax Smart Real Estate Investors Podcast
254. The Real Estate Investor's Guide to the 2024 Tax Terrain: Crucial Details
Jan 2, 2024
Tax expert for real estate investors, Thomas Castelli, joins the podcast to discuss crucial details about the 2024 tax terrain. Topics covered include the 2024 Corporate Transparency Act, the bonus depreciation adjustment, and the viability of various tax reduction strategies. Learn about upcoming tax deadlines, the importance of accurate bookkeeping, and how maintaining financial records can help investors make informed decisions.
23:59
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Quick takeaways
- Understanding the impact of the 2024 Corporate Transparency Act and the need to provide beneficial owner information.
- Considering overall tax strategies and potential extensions of bonus depreciation, rather than solely focusing on the percentage decrease in 2024.
Deep dives
Main Ideas - Overview of Podcast and Future Plans
The podcast discusses the goals and format of the Tax Mode REI Podcast, which focuses on providing tax strategies for real estate investors. The speaker highlights the importance of breaking down tax strategies into digestible formats and bringing in industry experts and attorneys to provide insights for building real estate portfolios. They also mention upcoming frameworks to help investors reduce taxes and gauge risks. The speaker emphasizes the need to treat short-term rentals and the real estate professional status as viable tax strategies, regardless of changes in bonus depreciation. They also encourage listeners to understand tax deadlines, including the timing for filing 1099 forms, entity and individual tax filings, and IRA contributions. The importance of bookkeeping is also highlighted, as it helps track revenue and expenses and informs good financial decision-making.
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