You don't get any benefit on mortgage interest deduction on Schedule A unless you itemize and/or there could be limitations on amount of deduction. Vacations depend on whether you can turn it into a business trip or partial business trip. Thanks for watching!
Love your videos! Great and unique content. Asking genuinely for more clarity - i did see one video where you suggested that investing in real estate is a bad idea. But here you talked about owning a real estate business in the past. Could you shed some light on this? Is the recommendation more toward real estate rental when you have much higher networth is good Vs. real estate for primary residence when you still have a low networth is not worth it?
I'm not sure of the context of the real estate comment. However, I 100% am a fan of investing in real estate. IMHO, everyone should have some allocation to real estate in their portfolio. But I don't think all methods for investing in real estate are equal. For example, I never invest in REITs. I am also more a fan of investing in real estate passively through funds and syndications as opposed to going out and buying properties directly and managing them yourself. There are a number of reasons for this but this is partly because I think owning businesses is much more lucrative and provides much higher returns than managing real estate properties yourself. Hope this helps clear up the confusion.
Thanks! Could you please create videos on types of businesses that are good to own, minimum investments and how to get started with this? Amazing content!!! Would appreciate your insights on this
I will definitely have some more content on owning businesses in the future. However, I post more frequently (daily) on Instagram content closer to what I think you are looking for. instagram.com/sharon_winsmith/
Thanks for watching! That is not correct. Lenders work off the concept of Seller's Discretionary Earnings (SDE) for business owners which adds back the vast majority of deductions I am talking about in this video. Sophisticated lenders would not only be ok with legitimate business deductions, they would expect it.
