Tax Hacks for 2024: Must-Know Benefits for Real Estate Pros | Exclusive CPA Insights

Join Bo Barron, CCIM, and Timmy Barron, ADHD in an enlightening episode of "Commercially Speaking," where they welcome renowned CPA Kevin Bassett to shed light on the lucrative tax benefits available to real estate professionals. With a waitlist extending three years, Kevin brings his expert advice to the forefront, discussing the intricacies of real estate taxation and strategies for 2024.

Episode Highlights:

• The Power of Bonus Depreciation: Dive deep into the current status and future of bonus depreciation and how it significantly impacts real estate investments.
• Cost Segregation Explained: Uncover the benefits of cost segregation, a pivotal strategy that accelerates depreciation, enhancing tax savings.
• Defining a Real Estate Professional: Kevin clarifies the IRS criteria for being considered a real estate professional and the tax advantages it entails.
• Debunking Tax Myths: Addressing the contentious topic of whether the rich receive excessive tax cuts through real estate.
• Strategic Tax Planning for 2024: Learn about essential strategies for investors and common pitfalls to avoid, including the importance of not letting tax considerations overshadow investment decisions.
• Optimal Structures for Tax Efficiency: Kevin emphasizes the significance of using the correct structure for different income streams to maximize tax benefits.
• Opportunity Zones: Explore how investing in opportunity zones can offer deferred and reduced tax on capital gains.
• The Importance of Meticulous Record Keeping: Kevin highlights common mistakes like poor record keeping that can lead to missed tax reduction opportunities.

Culminating with a pop quiz to test Timmy’s and your knowledge, this episode is packed with invaluable tips for navigating the complex world of real estate taxes.

Whether you're a seasoned investor or new to the field, "Commercially Speaking" offers a treasure trove of insights to ensure you're leveraging every tax benefit available to real estate professionals. Don't miss out on these expert strategies that could save you thousands.

Subscribe now for more wisdom from CRE experts and elevate your real estate investment game.

CONNECT WITH KEVIN: https://www.bassettcpas.com/

⏰Time Code⏰

00:00 - Start 00:12 - The CRE CPA With A 3 Year Wait List 03:27 - Current Status of Bonus Depreciation 04:58 - Who Is Kevin Bassett, CPA? 07:29 - The Benefits of Cost Segregation 15:27 - What Constitutes a Real Estate Professional? 17:02 - Do The Rich Get Too Many Tax Cuts? 21:02 - Strategies for Investors in 2024 & Common Mistakes To Avoid 21:30 - Don’t Let The Tax Tail Wag The Dog 22:08 - Use The Right Structure For The Different Income Streams 23:09 - Plan Ahead! 26:39 - Examples Of Proper Structure 28:42 - 20% Tax Rate Over The Life Of The Project 29:33 - Opportunity Zones 33:19 - Bad Record Keeping 34:22 - 1099 Deductions 37:31 - Roll Over Depreciation 40:45 - Section 199A 42:12 - Cost Seg Threshold 43:35 - Pop Quiz 54:31 - Final Word Of Advice (Milage Log)

📒Show Notes📒

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Bo is the owner and operator of Barron Commercial Group in Owensboro, KY servicing the Western KY and surrounding markets. For all CRE inquiries visit http://www.barroncommercial.com

Timmy is an actor, comedian, writer and host. You can follow him pretty much everywhere @timmyhartbarron