Real Estate Investing for Beginners | Best Rental Property Tax Deductions!

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Күн бұрын

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Being a real estate investor can be extremely profitable. However, real estate investors who do not know how to maximize their tax deductions will be forced to pay large sums of money in taxes to the government every single year. Knowing all of the tax deductions available to real estate investors can help these investors save money in taxes.
In this video, tax expert Karlton Dennis breaks down all of the key tax deductions that are available to real estate investors. Some of the deductions that he explains include depreciation, depreciation, repairs, and travel expenses for both short and long-distance business trips.
Many real estate investors think that they are claiming every deduction that is available to them. But actually, a lot of these investors do not fully understand all of the deductions that they can claim. This video can help anyone who wants to learn more about deductions for real estate investors.
CHAPTERS:
0:00 Intro
0:19 1. Depreciation
2:09 2. Repairs
2:45 3. Interest
3:17 4. Home Office Deduction
3:57 5. Local Travel
4:43 6. Long-Distance Travel
5:20 7. Casualty Losses
5:54 8. Employees & Contractors
6:37 9. Professional & Legal Fees
7:08 10. Insurance
7:29 How to Maximize Your Deductions
8:57 Outro
*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.
#rentalproperty #realestateinvesting #karltondennis

Пікірлер: 34

@karltondennis Ай бұрын

Join my Tax Strategy Accelerator Community to learn more important real estate tax information and network with other real estate investors! www.taxstrategyaccelerator.com/join?

@clintonezekiel5935 Ай бұрын

Is long distance travel deduction legitimate for international travel if you have a property outside of US?

@Rodriguezpaul-9 Ай бұрын

I really appreciate the dedication in each video you post. To be successful one has to have multiple income streams and so on, also investors should understand the crossover between asset classes & liquidity flow. Natalie Strayer focuses on Multi-asset trading, a single strategy to manage risk, profit, and the code or the actual decision-making across multi-asset classes. Her skills set is top notch

@erikyanez5371 Ай бұрын

I'm surprised that you just mentioned Natalie Strayer here also Didn’t know she has been good to so many people too this is wonderful, i'm in my fifth trade with her and it has been super.

@Charlottehornets4 Ай бұрын

Natalie Strayer has really set the standard for others to follow, we love her here in Canada 🇨🇦 as she has been really helpful and changed lots of life's

@Brucelanham845 Ай бұрын

I'm a long term investor, I withdrew my profits of over £61,000 during the covid-19 pandemic.

@Jessecote875 Ай бұрын

This sounds so good and I would like to be a party to it, is there any way I can speak with her?

@carolynvo7802 Ай бұрын

Her good reputation already speaks for her .I’m also one of the beneficiary of Natalie Strayer. So happy I gave it a trial after being skeptic of the process.

@Grow.YT.Views.576 Ай бұрын

Your creativity knows no limits. 🎨

@choppa5300 Ай бұрын

I rented out my paid for first home and bought the house next door.First home paid off and I have a tax elp helping me navigate the tax savings but I fee I need a strategist because when I mentioned a few of these things she acted like I didn’t qualify.

@couragegarcia4369 Ай бұрын

@karltondennis love the content can you make a video on tax deductions for insurance agents with 1099 tax filing

@danbutler7708 Ай бұрын

Your video is very clear and appreciated I've been investing for more than 40 years, great job on your video

@WTCClover108 Күн бұрын

I have a question. What if I’m a w2 employee with a single rental property. Depreciated value and mortgage interest is not better than the standard deduction. Do I just claim the standard deduction?

@castafinance Ай бұрын

Can you show us the tax codes you’re referring too?

@bjwhetstone5717 3 күн бұрын

If my property has an HOA, can I deduct that fee?

@marvinandrjane Ай бұрын

Does having a contractor to put a fence for your rental property a tax deductible?

@tmac9208 Ай бұрын

Why would it not?

@jayc4715 Ай бұрын

@@tmac9208Because it's an improvement and not a repair

@tmac9208 Ай бұрын

@@jayc4715 Touche'. I guess a question is; was a dilapidated - perhaps barbed wire - fence already in place? If it's entirely new then go with jayc.

@jayc4715 Ай бұрын

@@tmac9208 yup ..👍

@Lip2k-df7zk Ай бұрын

Now if I have a llc can I abuse the 6,000 weight on the cars I get 30,000back every year and can open a rental car for Luxury

@juju4179 Ай бұрын

❤

@mplscarsales6652 Ай бұрын

Can you take these deductions if you paid cash for your home ? Or only works with loans ? Anyone ? Thanks

@mike2959 Ай бұрын

The answer is yes with loans. The 1st one he talks about is depreciation. That one is almost too good to be true. So I purchased a 1m dollar small 8 unit apartment building. At tax time I was able to take 800K of that 1million (because as he said you can’t count the land). Spread that $800k over 27.5 years which is $29K a year as an expense. By the way I put 20% down on this loan. And I get the full write off of depreciation. So, like actual expenses on this property like Gas Electric Property taxes Maintenance and repair Well, there’s a 19,000 dollar EXPENSE that also reduces (ON PAPER) profits, Paper profits NEVER equal your bank account. There’s a reason Donald Trump only paid $700 in taxes that year. Depreciation.

@Lovepinkdress Ай бұрын

@@mike2959is this applying only for multi family? I bought a house with full apartment downstairs and planning to rent that.

@tmac9208 Ай бұрын

My question. How to account for my time or labor. It i fix the toilet, or put down wood flooring, how can i write off what would normally cost money but i did it?