Tax Smart Real Estate Investors Podcast
272. Home Advantage: Mastering Tax Deductions Through House Hacking
May 7, 2024
Tax Advisor, Alex Savage, shares insights on house hacking tax deductions including common misconceptions, selling property tax savings, and optimal strategy combinations. Learn to maximize tax benefits and join the Tax Smart Real Estate Investors community for more tax tips.
37:58
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Quick takeaways
- To succeed in house hacking, prioritize financial awareness by auditing your personal finances before pursuing a deal.
- Before engaging in house hacking, familiarize yourself with financial tools like net worth statements to empower decision-making.
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Tips for House Hacking Success
To succeed in house hacking, it is essential to be patient and specific in your property search, ensuring that the chosen property meets your living standards. Prioritize financial awareness by auditing your personal finances to understand your income, expenses, and financial situation clearly before diving into a deal. Be prepared for unforeseen challenges and address potential issues in managing personal and business finances in a house hacking scenario to maintain organization and efficiency.
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