How to REDUCE Your Income Taxes Legally...Using Real Estate
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If you're a typical W-2 employee, you'll notice quickly that there are not many tax write-offs you can do every year. Same even goes for business owners! It wasn't until later in my career that I realized real estate has an immense effect my tax savings ever year. I wanted to share the information I know about having rental property on my tax return and to save you the time that I spent so many years looking for an answer to! Let's discuss: How to REDUCE Your W2 Income Taxes Legally...Using Real Estate
*Disclaimer: I am not a financial advisor nor am I an attorney. This information is for entertainment purposes only. It is highly recommended that you speak with a tax professional or tax attorney before performing any of the strategies mentioned in this video. Thank you.
#taxes #taxfreeliving #taxexpert #taxreduction #llc
@AegisLocksmithServices Жыл бұрын
Every single video I've watched so far, you were able to enlighten me with actual and practical ideas. Talking about Value! Thank you!
@blackl1steddrums Жыл бұрын
Thanks, I depreciate you 💘
@alucard2551 Жыл бұрын
Thanks 🙏
@mathewhenry36 4 ай бұрын
Would I be able to use the depreciation for my rental property if the property is under my LLC?
@wsmaga Жыл бұрын
Awesome info.
@user-ef9si8ob2t Жыл бұрын
Thanks for your comment ⬆️ Reach out to me for consultation and more tips on how to build your finances ✉️
@user-dj4ft9wq3k 8 ай бұрын
Hi..I have one question . In a year I pay around 12k taxes as a full time employee working for a company. Can I get tax deductions if I buy a rental property and repair it?
@austinparker5155 Жыл бұрын
Does Air BnB of one bedroom in your primary residence count ?
@cuttinedge5129 Жыл бұрын
Do you do taxes or recommend someone that knows these strategies?
@joseleandrogobea5164 2 ай бұрын
Can I use depreciation on a property that had been bought through seller financing?
@victorespino5650 Жыл бұрын
Great job
@user-ef9si8ob2t Жыл бұрын
Thanks for your comment ⬆️ Reach out to me for consultation and more tips on how to build your finances ✉️
@charlotia 4 ай бұрын
Thank you ❤ But what if a small landlord with one apartment in a duplex hasn’t a mortgage Is there a different strategy
@tonymorales5106 Жыл бұрын
Lovee the info...Im interested on learning more...!!!
@user-ef9si8ob2t Жыл бұрын
Thanks for your comment ⬆️ Reach out to me for consultation and more tips on how to build your finances ✉️
@jenniferharrelson7218 Ай бұрын
What tax accountant would you recommend in the Atlanta area? Wanting to buy our first rental.
@bonngure5208 Жыл бұрын
Karlton you are the best . I am a full time RE agent and You saved me a lot of money in taxes.
Жыл бұрын
Great information !!!
@rondabolton13 9 ай бұрын
So do a person have to b makin more than $150,000 to benefit from real estate tax privileges?
@rocioprice7929 2 ай бұрын
If I refinance my rental to get cash to invest in another property, would I be able to deduct from my taxes the interest pay of the new mortgage?
@yosefabramov2305 12 күн бұрын
I have an electrical installations business, what would be the best way to buy realestate? Reinvest the income as a down payment and take a loan to buy realestate?
@CITYBOY5950 Жыл бұрын
Good info 👍🏾
@user-ef9si8ob2t Жыл бұрын
Thanks for your comment ⬆️ Reach out to me for consultation and more tips on how to build your finances ✉️
@donlutes8360 Жыл бұрын
Can I get the same rental deductions if I rent my home as a vacation rental?
@courtsidggyuhhg Жыл бұрын
Great video man loved the info
@user-ef9si8ob2t Жыл бұрын
Thanks for your comment ⬆️ Reach out to me for consultation and more tips on how to build your finances ✉️
@tajuanabrewster3163 Жыл бұрын
Hey can you write off the depreciation of a car. And would this be a cheaper way to write off depreciation?
@user-ef9si8ob2t Жыл бұрын
Thanks for your comment ⬆️ Reach out to me for consultation and more tips on how to build your finances ✉️
@TopNaachDanceCo1 4 ай бұрын
Incredibly informational. You are a boss! Thank you
@EmilyP17 Жыл бұрын
Love this channel! Thank you
@user-ef9si8ob2t Жыл бұрын
Thanks for your comment ⬆️ Reach out to me for consultation and more tips on how to build your finances ✉️
@ronhau1542 Ай бұрын
Ray!
@edna5503 Жыл бұрын
Can you use this strategy to a rental DADU?
@fernandor9640 Жыл бұрын
Bros dropping gems
@user-ef9si8ob2t Жыл бұрын
Thanks for your comment ⬆️ Reach out to me for consultation and more tips on how to build your finances ✉️
@rareseason Жыл бұрын
Excellent presentation
@cameronmanning8606 Жыл бұрын
Great advice
@user-ef9si8ob2t Жыл бұрын
Thanks for your comment ⬆️ Reach out to me for consultation and more tips on how to build your finances ✉️
@chrislagazo730 Жыл бұрын
What about if you’re house hacking and you are renting part of your primary residence? What would be the best option for claiming your rental income and writing off all the expenses associated with my rental?
@user-ef9si8ob2t Жыл бұрын
Thanks for your comment ⬆️ Reach out to me for consultation and more tips on how to build your finances ✉️
@davidbarrera4298 Жыл бұрын
im wondering the same thing
@davidbarrera4298 Жыл бұрын
Let me know if you found any information on this situation thanks
@Gamma_Labs Жыл бұрын
You'll have to separate it by sq footage. What % of their room makes up the total sq footage and then proceed to deduct that same % by utilities, depreciation etc. KD can chime in but that's how I'd do it. If it's long term, it's a schedule E, if it's less than 7 day turnover or air bnb then it can be a schedule C
@davidbarrera4298 Жыл бұрын
@@Gamma_Labs Makes total sense. Thank you for the advise. I appreciate it
@erindleka5430 Жыл бұрын
How do i contact your office
@whatsapchat-5890 Жыл бұрын
👆👆👆
@aparadaeessa Жыл бұрын
Should I buy a rental property every year then write off 350k worth of w2 income?
@ivanw8633 5 ай бұрын
I have the same question, can anyone answer this?
@marcosmunguia2835 Жыл бұрын
What I can contact
@elvis0609 Жыл бұрын
Amazing 👌🏽👌🏽😏
@Steven-vi5nb Жыл бұрын
Is there still depreciation recapture if you claim accelerated depreciation but don't sell the property for 27.5 years?
@victorespino5650 Жыл бұрын
Why would you recapture if you didn't sell. You only recapture on the sale.
@Steven-vi5nb Жыл бұрын
@@victorespino5650 Yeah, you sell after 27.5 years.
@user-ef9si8ob2t Жыл бұрын
Thanks for your comment ⬆️ Reach out to me for consultation and more tips on how to build your finances ✉️
@ayeejayyyy Жыл бұрын
11:00
@ayeejayyyy Жыл бұрын
Short term rentals
@wcisean Жыл бұрын
Just wondering what part of voluntarily, do people not understand? Funny when they don't even know what income is ,not your paycheck!
@mlbonfox8199 2 ай бұрын
Don’t do it folks; u never mess the irs They always win
@kingSukram Жыл бұрын
Dude your a beast !!!!
@jharris8955 Жыл бұрын
I'd like to ask a community question please. I'm starting a pressure washing business. I've seen videos on starting an LLC and an S-corp and I'm a bit unsure as to how to proceed. I need to get an EIN number but the site asks if I want an LLC or an S-corp amongst other entities. Can you suggest one or the other or both. Thank you
@user-ef9si8ob2t Жыл бұрын
Thanks for your comment ⬆️ Reach out to me for consultation and more tips on how to build your finances ✉️
@ashdb4157 Жыл бұрын
LLC
@jharris8955 Жыл бұрын
@@ashdb4157 Thank you
@alexnjoroge9333 Жыл бұрын
I was advised to get an llc first because you can always turn it to an s-corp later if you’re making enough money while you can’t go from an s corp to llc.
@jharris8955 Жыл бұрын
@@alexnjoroge9333 Thank you
@THATSWING Жыл бұрын
Hopes n dreams of selling realty i might as well start as an realty agent!
@wsmaga Жыл бұрын
It’s better to just be a real estate investor.
@ew805 Жыл бұрын
But ... if your modified AGI exceeds certain amount, you can't deduct passive loss, unless certain exception applies to you.
@whatsapchat-5890 Жыл бұрын
👆👆👆
@JC-ly8pz 9 ай бұрын
He explains that
@vans881 Жыл бұрын
Great video. Can you cover how to make this tax plan work on a S Corp for a partnership set up?
@kirkl0766 Жыл бұрын
RE professional IS a very hard to get to. IRS will fight it. Be very careful with his bullet proof claims.
@jhuilar Жыл бұрын
Watch until then end where he recommends STRs not being a RE professional
@EmilyP17 Жыл бұрын
You truly are “the man”! Thanks
@user-ef9si8ob2t Жыл бұрын
Thanks for your comment ⬆️ Reach out to me for consultation and more tips on how to build your finances ✉️
@luisortiz15 Жыл бұрын
I would like to be your client.
@HerbertHarris-xk5me Жыл бұрын
If I'm retired, but still buying stock with MINISTRY income as a pastor, how does the tax code apply to me. Also, I". a home owner and planning to start renting out my home via Airbnb, etc?
@Nnnqqq689 Жыл бұрын
Hi I wonder if we keep reporting rental loss would it trigger audit?
@robbiemorgan2062 Жыл бұрын
Can I continue to depreciate the same property year over year to pay zero tax with my W2 job or do I have to buy a new property every year in order to keep it going?
@mavenmarket4939 Жыл бұрын
From watching many of his videos, you will have a to buy a new property every yr.
@ogpapafan8552 Жыл бұрын
First
@user-ef9si8ob2t Жыл бұрын
Thanks for your comment ⬆️ Reach out to me for consultation and more tips on how to build your finances ✉️
@bennyblaze4571 Жыл бұрын
How will this apply to a condo?
@christianfiguroa7147 Жыл бұрын
There should be way more write off for w2 employees there putting in so much work so people can live comfortably. Can you get to the point and helpful details faster ahaha jk. Is there a face book group with testimonies of people living this plan?
@user-ef9si8ob2t Жыл бұрын
Thanks for your comment ⬆️ Reach out to me for consultation and more tips on how to build your finances ✉️
@innerscorecard9433 Жыл бұрын
Awesome info. Are realtors considered real estate professionals?
@blacklitstl Жыл бұрын
The percentage of ppl who make less than 100k is much higher, I understand you're not in that bracket. But may consider curating videos to the bigger audience
@aooooaao28557aoo Ай бұрын
Talked forever didn’t say sh*t 🤡🤡
@marcclark4532 Жыл бұрын
PEOPLE PLEASE!!! IF YOU SEE AN ADVERTISEMENT ABOUT INVESTING BY REFERRAL IN ANY COMMENT SECTION (DONT FALL FOR IT) ITS A SCAM!!!! AND YOURE SMARTER THAN THAT