How to Use Rental Losses to OFFSET W2 Taxes! [Part 1]

Рет қаралды 157,010

Жыл бұрын

JOIN THE TAX-FREE WEALTH CHALLENGE NOW! AUGUST 5-9 2024!
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Certified Enrolled Agent Karlton Dennis has seen everything in the game, using his knowledge to take advantage of his tax-return every year to write-off some quite luxurious items. The thing is, ANYBODY can do this! How? Find out on today's Taxes Made Simple!
Taking the Next Step:
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Check out these links Below!
Learn How to Self Direct Your IRA or 401k: directedira.com/karltondennis/
*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

Пікірлер: 260

@HisStolenIdentity 10 ай бұрын

I ❤ the way you teach! Specifically, you break the tax laws down for easy assimilation. You also provide overviews and takeaways of the video. Thanks Karlton!

@GautamAtri 10 ай бұрын

Someone finally made this video. Fantastic work

@bashar9200 11 ай бұрын

Thank you Karlton!! I am truly fan of your work. keep it going!

@nathanaelmccasland2349 9 ай бұрын

Hey bud, your videos are money!!!!!🎉🎉 Thank you for all the value. Tell your team to keep up the good work for me. You guys are killing this space. Can't wait for the end of the month challenge. Stay blessed.

@leebeavers6912 11 ай бұрын

Thank you so much! First real estate video I have seen that, not only explains the terms being thrown around but, the actual strategies and the rationale for them.

@MichelleBarhamblog 11 ай бұрын

Thanks for the update Karlton🎉🎉

@trentalexander2413 Жыл бұрын

Stellar presentation along with FACTS makes this a keeper!

@64DCPG Жыл бұрын

Game changing knowledge for me! Now I have to watch all the other videos.

@user-oj1jz6gg6j 8 ай бұрын

I've seen a lot of different videos addressing these topics but yours is truly the best! Thank you sir you have a gift :)

@jas2dn229 Жыл бұрын

Thank you Karlton! I was beginning to look into selling one of my properties where I currently have long-term rentals. However, I am now reevaluating.

@MounjarojourneywithPam 11 ай бұрын

thank you for this video. I’ve just been studying about this and hoping to have enough courage to start this type of invesment

@jerowm5568 11 ай бұрын

Absolutely amazing video! 🙌🏽 very thorough explanation of the different avenues to utilize this strategy. Fantastic job 👍🏽

@kasiwilliams5927 Жыл бұрын

Amazing content very detailed in explaining the loopholes for rentals.

@d.e.brenner2930 11 ай бұрын

Thank you Karlton!

@chendricks850 11 ай бұрын

Hey, this is an awesome video!!! I really appreciate your style of teaching. I’m going digging in your channel after I finish this series…

@Raf.Velasco Жыл бұрын

Always spitting gems 💎🔥🤙🏼

@sharitaharvey4962 Жыл бұрын

I love this video

@jeffreysimeon4161 6 ай бұрын

This is literally the video that made me follow you… 💪🏽 really appreciate all this information. I look forward to implementing all the strategic tools to my real estate venture. Thanks

@JamesGametGT Жыл бұрын

Content is amazing love your channels!

@MikeHawk-zh3yl 11 ай бұрын

Bro great information, opened my eyes in soo many ways on why we need real estate

@LW0625 4 ай бұрын

Wow! I just came across your video, and I can say I learned so much about tax terminology and information. Thank you very much!

@videosabia 3 ай бұрын

Hi, you’re so right; setting up the rental investment right - from a tax angle - at the beginning is key. Just subed!

@raidersmojicacteam Жыл бұрын

Thanks for this info

@doptimist133 11 ай бұрын

This is extremely valuable information

@reynaldoguillen499 Жыл бұрын

Awesome explanation!!

@justfloridaliving 8 ай бұрын

One of your best, most informative and helpful videos keep them coming

@2L8CO Жыл бұрын

You are Awesome my friend. Period. Peace.

@eball1388 9 ай бұрын

Your a wonderful teacher. Im all in

@dantawright1686 17 күн бұрын

Great wealth of knowledge. Your explanation skills of this knowledge are on point. Bought an old home in MD for $235k, received 4 lots on one deed with their own tax base. I rebuilt the original home with $200k construction loan and $130k in credit cards. I lived on lot #2 until the rebuild was done and renovated lot #2 as well. Now, I rent lot #2 but it came as one of the gifted lots. I build a work space on the back side of the rebuild to work from. The other two lots are .5 per acre land. I am a self-employed person working from a dedicated space of my home. I did not know I could depreciate my work space (34.23 %) of home. 2021, rented a section of rebuild home (10%) to a friend after closing down my business for six months. trying to understand cost basis to apply depreciation to my home, business and how to file 3115 form for lot #2, I dropped depreciation 1.5 years I had no tenant??

@imdoc7872 7 ай бұрын

These videos are gold. Thanks mate!

@douglasbasso7093 Жыл бұрын

Phenomenal stuff. Excited for part 2.

@lennymateo8291 4 ай бұрын

Great video Keep it up!!

@ShovanaWilliams 8 ай бұрын

This video was AMAZING!

@ellenoir5678 Жыл бұрын

The real KD!! What's good Coach

@tiffanyagee3274 4 ай бұрын

This was very informative video. Going to check out part 2

@Valente_Quintero Жыл бұрын

Great video

@j_riqi 6 ай бұрын

You explained this so well ....

@remygaz 9 ай бұрын

Great info, thank you

@wilgensdorisme3414 4 ай бұрын

Super knowledgeable on the info. Thank You for sharing

@aftech7268 11 ай бұрын

Great info ❤

@ryanoquinn1068 4 ай бұрын

One of the best explanations of this subject I’ve ever heard. Thanks!

@kavemanbites 2 ай бұрын

great channel man. you have a new viewer. thanks for sharing your knowledge.

@julhe8743 4 ай бұрын

Thank you, you got a new subscriber 🙏

@ElliottJMiller Жыл бұрын

One of the best moves I ever made in my life. Filed taxes this year and was amazed. I’m hooked. Thank you KD. I looked at an in-depth older video of yours end of last year or beginning of this year about this same topic. And an older video on the tax savings on the different business structures. The laws of the universe and attraction are making my goals inevitable.

@hipzwhitetower7413 5 ай бұрын

does looking for a property count towards the 750 hours needed to offset taxes on your w2/1099 before buying the rental property??

@julianadomfeh4072 5 ай бұрын

Such a golden information Thanks a lot Karlton

@addowner 5 ай бұрын

Also, thank you so much for all this information. Learning a lot from you.

@DrJeffreyGarofalo 11 ай бұрын

It is 20-30% of the building value on homes and apartments but 100% on shopping centers or business commercial buildings.

@pkrvp Ай бұрын

Never seen it explained any better than this 👍👍👍

@roadtoscratchgolf3481 Жыл бұрын

Karlton, as I understand you, since I am an early retiree who owns rental property, I can claim active rental losses on other income such as pension, social security and the sale of other real estate? Plus, I use my spouse, who is a lawyer to manage the property as well as pay her a monthly legal retainer. Am I going in the right direction? Thanks.

@markvaughn3315 5 ай бұрын

Great information Karlton. Thank you for sharing this with us al.

@beerdanay2157 7 ай бұрын

hi Karlton, I'm 20 years old. I interested in studying about taxes. I found your channel and it's very helpful (Thanks a lot}

@elizabethmiranda2313 7 ай бұрын

Wow such great information. Thank you so much!

@aleksandrshibko4211 15 күн бұрын

Impressive presentation. Thank you for education!

@stuboo Ай бұрын

Thanks. Would love to see a video discussing how the sale of a property might allow carryover PALs to offset W2 income.

@girilankipalle 16 күн бұрын

Great job done bro.

@jeffkojac4121 2 ай бұрын

Thanks!

@LyRiCss718 2 ай бұрын

Thank you. This was extremely informative.

@theculturedev 29 күн бұрын

Excellent work brother 👊 I’ve led multiple people through this same logic path. Blows their minds 🤯

@PropGear 2 ай бұрын

Thank you for this!

@denverlambuth7890 9 ай бұрын

Good info

@WillJohnsonSD_Inspector 14 күн бұрын

Awesome. Jammed-packed information. I actually stop all my multitasking to focus. Saved to research. Subscribed and liked

@cisr1121 17 күн бұрын

Thank Karlton

@johnpagley9435 25 күн бұрын

Well explained! More of these tips please :)

@thomasarmstrong3898 6 ай бұрын

Good knowledge!

@user-xl1xf3th2u Ай бұрын

This is a phenomenal video. It all finally makes send to me. I was perceiving this the wrong way.

@yourstrulybostonyourstruly3185 Жыл бұрын

Just dropping comments for the algo King, I definitely need to cop one of your programs though. I’ve been a stock guy for the longest, but I’m ready to throw my hat in the real estate ring 💪🏾

@annishenko 6 ай бұрын

Excellent video

@granttwyman9166 5 ай бұрын

Great video, great content, thank you!

@julianencinas1763 8 ай бұрын

Great videos very informative i love them videos thank you🎉🎉

@daakulov 11 ай бұрын

You have a new subscriber, sir.

@user-ep8mg1yo4c 5 ай бұрын

You're such a blessing

@thecyberspace4733 4 ай бұрын

Great knowledge than k you

@user-nw5ey6uk5h 4 ай бұрын

good job

@luisarevalo8394 Жыл бұрын

So if you buy land and develop it that requires time and resources do build plus it’s only land value so you can claim depreciation on new property? Does this new property then have to be a short term rental property to offset other rental income. And put all properties under one company a managing company? What makes that business a managing company besides managing the rents/landlord duties?

@kimwieczorek1879 7 ай бұрын

We do Airbnb(rent out 1 of our bedrooms. Been doing it for 2.5 yrs. and luv it). But what are all the tax write offs we can use when we do our taxes in Feb.?? Tytyty❤

@edmundchiang8271 19 күн бұрын

This is an amazing video!! This is coming from a seasoned investor

@karonhebron1304 2 ай бұрын

Great information need to see part 2

@Birbb2 11 ай бұрын

Hi..been watching your videos awhile now....very good contents and thanks for all the tips :) I want to ask about rental lost, if I am active w2 and have a long term rental. Can I use rental lost(cost seg, de-appreciation...etc.) to offset tax on my W2? I think I remember the max is 25k but not sure.

@dennisaceami3508 Жыл бұрын

Amen!

@Marco-wz5vo 2 ай бұрын

God bless you man! Your a gift 🎁, seriously thank you

@cchou0001 4 ай бұрын

I think I got 70% of this but it was excellent. Thank you ❤

@natalienow41 11 ай бұрын

Thank you Karlton!! This video is Gold!!✨

@peterchirico2153 Жыл бұрын

Karlton I wanted to ask if you do tax returns ? Thanks for all your good information.

@karltondennis 11 ай бұрын

Yes. Link in description to book a call

@s_hazard Жыл бұрын

Been studying the topic of using depreciation in real estate to offset taxes and I was thrown a curveball when I came across the term “real estate professional”. This video came right on time and as always, you do such a great job explaining. I do however, find it hard to believe that the “wealthy” are spending 750 hours a year in real estate or own majority of their real estate in short-term rentals… I could be wrong.

@karltondennis 11 ай бұрын

Glad I could help. Look forward to sharping your understanding during the Tax Free Wealth Event !

@wandapeguero7162 11 ай бұрын

@@karltondennis@karltondennisofficial I love love your content. Can I qualify as a real estate professional status if I'm real estate agent?

@hipzwhitetower7413 5 ай бұрын

@@karltondennis does looking for a property count towards the 750 hours needed to offset taxes on your w2/1099 before buying the rental property??

@cmargo10 4 ай бұрын

@@karltondennisI'm treasurer on a board of directors of a 400 plus townhome community. So I eat and breathe property management as fulfilling my duty as an almost full time volunteer. Would this qualify me as a real estate professional? Bcuz that would be very helpful in my tax life. Great video!!

@mplscarsales6652 Жыл бұрын

Do you need to have a LLC to claim depreciation and get the tax benifits ? For example beginner with 1 rental property LLC fees to have a LLC takes up most your profit with only 1 rental so just regular home owners blanket insurance until I get 3-5 rental to put into a LLC sound correct ?

@kkmm2023 3 ай бұрын

Mahalo for this helpful presentation!

@kelsyec5419 2 ай бұрын

i tried this and now i am dealing with an IRS audit ... great work

@karltondennis 2 ай бұрын

call my office on monday. we would love to defend you against the IRS on this matter. 714-252-5822.

@firthbowden2281 10 ай бұрын

This video was amazing and so helpful. Stopped me from forming a lending business thinking I would be able to deduct expenses from my W2 income.. my question is: if I form a business that specializes in hard money lending and I earn passive income, can that business deduct expenses such as a vehicle that is used greater than 50% of the time for the business? Like traveling to different properties to assess if they are good investments to lend money for. Thanks!

@SuperGreatSphinx Жыл бұрын

Could you do a video on how to actually fill out a Massachusetts state income tax return?

@karltondennis 11 ай бұрын

My Tax software does all of the work for me. This isn’t worth your time in my opinion. Tax filing should be outsourced

@jlaudamusic5190 7 ай бұрын

Yes, but how many weeks a year does the property have to be rented for? What if it is a seasonal property?

@EEEE33333 10 ай бұрын

did you ever make the video on creating a management company for dealing with our personal rentals? Any recommendations on finding a cpa that does Cost Segregation study?

@kenyasullivan557 8 ай бұрын

freaking brilliant 👏 👌 🙌 bravo

@Pun1sh3rz 10 ай бұрын

Link to a video that connects the property management company while remaining within the guidelines of achieving the short term rental property depreciation realization? To rephrase, achieving the 100 hours materially participating but also pairing the property management company aspect?

@SecretRoomEvents 11 ай бұрын

Where part 2?

@anon3009 6 ай бұрын

Question: If I qualify as a RE professional & have a short-term rental that I use personally from time to time is there a limit on how many days I may use it for personal use and still take a passive loss via depreciation on that property?

@brittneyreigns 2 ай бұрын

I Love ❤ you for this! Thank you! You have a new subscriber in me.

@tj7280 6 ай бұрын

Excellent⭐⭐⭐⭐⭐

@floonky 7 ай бұрын

I wonder if this concept can also be used if you rent out your Second\Vacation homes partially for the year, Or is it only for Investment properties.

@kristonmyers4365 8 ай бұрын

Thank you for this video very helpful!! QUESTION! My tax professional is stating if I put my current rental property (which was my primary residence and I moved out of it to make it a rental) into an LLC and do a schedule C with him when filing I will be able to write off all of my depreciation and losses etc and deduct that from my W2? Is this correct or is he misinformed? He said the reason I cannot deduct it from my W2 currently is because it’s not in a LLC… just want others thoughts.