Tax Smart Real Estate Investors Podcast
248. Unlocking Year-End Tax Secrets: Essential Strategies for Real Estate Investors
Nov 21, 2023
Year-end tax strategies for real estate investors discussed include the lazy 1031 exchange, maximizing vehicle deductions, year-end STR issues, cost segregation timing, and more. Other topics covered include short-term rental loophole, job openings, due diligence, deducting vehicles and equipment for tax savings.
34:29
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Quick takeaways
- Maintaining real estate professional status by logging at least 750 hours in real property trades or businesses is crucial for tax savings.
- Having organized bookkeeping throughout the year and making timely tax estimates and payments can prevent stress, errors, and interest/penalties.
Deep dives
Year-end tax strategies and importance of real estate professional status
One of the key strategies mentioned is the importance of maintaining real estate professional status. To qualify, individuals must spend at least 750 hours in real property trades or businesses, the majority of which should be in real property. It is crucial to keep a time log to substantiate these hours. Additionally, the podcast highlights the significance of proper bookkeeping to accurately report business and rental property transactions. They emphasize that waiting until tax season to handle bookkeeping can lead to added stress and potential errors. The importance of finding an accountant knowledgeable in real estate tax rules, specifically section 469 regulations, is also discussed.
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