BiggerPockets Money Podcast CPA Shares Tax Tips to Lower Your 2024 (Yes, 2024) Taxes
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Feb 18, 2025 In this enlightening discussion, Amanda Han, a CPA and real estate investor, shares critical insights into savvy tax strategies for 2024 and beyond. Learn about the real estate tax loophole that could save everyday investors thousands and why you might want to skip the standard deduction if you bought a home recently. Amanda also highlights common audit red flags to avoid and discusses whether looming tax reforms under President Trump could actually materialize. It's a treasure trove of money-saving tips for savvy investors!
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Organize Business Expenses
- Organize and review business expenses thoroughly.
- Use bank and credit card statements to ensure accurate records for maximizing write-offs.
Utilize Depreciation Strategies
- Employ cost segregation and accelerated depreciation strategies, even after the calendar year ends.
- Extend tax filing to utilize these strategies effectively, especially for Q4 property purchases.
Offsetting Income with Rental Losses
- If your income is below $150,000, offset income with up to $25,000 in rental losses.
- Above $150,000, rental losses are passive unless you qualify as a Real Estate Professional.