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

Опубликовано:

6 авг 2024

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Комментарии : 95

@AegisLocksmithServices Год назад

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 Год назад

Thanks, I depreciate you 💘

@alucard2551 Год назад

Thanks 🙏

@wsmaga 2 года назад

Awesome info.

@user-ef9si8ob2t 2 года назад

Thanks for your comment ⬆️ Reach out to me for consultation and more tips on how to build your finances ✉️

@user-dj4ft9wq3k 9 месяцев назад

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?

@cuttinedge5129 Год назад

Do you do taxes or recommend someone that knows these strategies?

@charlotia 5 месяцев назад

Thank you ❤ But what if a small landlord with one apartment in a duplex hasn’t a mortgage Is there a different strategy

@mathewhenry36 5 месяцев назад

Would I be able to use the depreciation for my rental property if the property is under my LLC?

@joseleandrogobea5164 3 месяца назад

Can I use depreciation on a property that had been bought through seller financing?

@victorespino5650 2 года назад

Great job

@user-ef9si8ob2t 2 года назад

Thanks for your comment ⬆️ Reach out to me for consultation and more tips on how to build your finances ✉️

@briandeluca6908 Месяц назад

You can get a home loan to include a VA loan without using taxes. It's not actually a requirement. I got a VA loan without using taxes

@austinparker5155 Год назад

Does Air BnB of one bedroom in your primary residence count ?

@rocioprice7929 3 месяца назад

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?

@jenniferharrelson7218 2 месяца назад

What tax accountant would you recommend in the Atlanta area? Wanting to buy our first rental.

@tonymorales5106 2 года назад

Lovee the info...Im interested on learning more...!!!

@user-ef9si8ob2t 2 года назад

Thanks for your comment ⬆️ Reach out to me for consultation and more tips on how to build your finances ✉️

@bonngure5208 Год назад

Karlton you are the best . I am a full time RE agent and You saved me a lot of money in taxes.

@yosefabramov2305 Месяц назад

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?

@rondabolton13 10 месяцев назад

So do a person have to b makin more than $150,000 to benefit from real estate tax privileges?

Год назад

Great information !!!

@tajuanabrewster3163 2 года назад

Hey can you write off the depreciation of a car. And would this be a cheaper way to write off depreciation?

@user-ef9si8ob2t 2 года назад

Thanks for your comment ⬆️ Reach out to me for consultation and more tips on how to build your finances ✉️

@CITYBOY5950 2 года назад

Good info 👍🏾

@user-ef9si8ob2t 2 года назад

Thanks for your comment ⬆️ Reach out to me for consultation and more tips on how to build your finances ✉️

@ronhau1542 2 месяца назад

Ray!

@aparadaeessa Год назад

Should I buy a rental property every year then write off 350k worth of w2 income?

@ivanw8633 6 месяцев назад

I have the same question, can anyone answer this?

@fernandor9640 2 года назад

Bros dropping gems

@user-ef9si8ob2t 2 года назад

Thanks for your comment ⬆️ Reach out to me for consultation and more tips on how to build your finances ✉️

@courtsidggyuhhg 2 года назад

Great video man loved the info

@user-ef9si8ob2t 2 года назад

Thanks for your comment ⬆️ Reach out to me for consultation and more tips on how to build your finances ✉️

@cameronmanning8606 2 года назад

Great advice

@user-ef9si8ob2t 2 года назад

Thanks for your comment ⬆️ Reach out to me for consultation and more tips on how to build your finances ✉️

@chrislagazo730 2 года назад

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 2 года назад

Thanks for your comment ⬆️ Reach out to me for consultation and more tips on how to build your finances ✉️

@davidbarrera4298 Год назад

im wondering the same thing

@davidbarrera4298 Год назад

Let me know if you found any information on this situation thanks

@Gamma_Labs Год назад

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 Год назад

@@Gamma_Labs Makes total sense. Thank you for the advise. I appreciate it

@donlutes8360 Год назад

Can I get the same rental deductions if I rent my home as a vacation rental?

@EmilyP17 2 года назад

Love this channel! Thank you

@user-ef9si8ob2t 2 года назад

Thanks for your comment ⬆️ Reach out to me for consultation and more tips on how to build your finances ✉️

@elvis0609 Год назад

Amazing 👌🏽👌🏽😏

@TopNaachDanceCo1 5 месяцев назад

Incredibly informational. You are a boss! Thank you

@edna5503 Год назад

Can you use this strategy to a rental DADU?

@rareseason Год назад

Excellent presentation

@Steven-vi5nb 2 года назад

Is there still depreciation recapture if you claim accelerated depreciation but don't sell the property for 27.5 years?

@victorespino5650 2 года назад

Why would you recapture if you didn't sell. You only recapture on the sale.

@Steven-vi5nb 2 года назад

@@victorespino5650 Yeah, you sell after 27.5 years.

@user-ef9si8ob2t 2 года назад

Thanks for your comment ⬆️ Reach out to me for consultation and more tips on how to build your finances ✉️

@Foreignswerve 2 года назад

How do i contact your office

@whatsapchat-5890 Год назад

👆👆👆

@marcosmunguia2835 Год назад

What I can contact

@wcisean Год назад

Just wondering what part of voluntarily, do people not understand? Funny when they don't even know what income is ,not your paycheck!

@ayeejayyyy Год назад

11:00

@ayeejayyyy Год назад

Short term rentals

@mlbonfox8199 4 месяца назад

Don’t do it folks; u never mess the irs They always win

@THATSWING 2 года назад

Hopes n dreams of selling realty i might as well start as an realty agent!

@wsmaga 2 года назад

It’s better to just be a real estate investor.

@kingSukram Год назад

Dude your a beast !!!!

@jharris8955 2 года назад

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 2 года назад

Thanks for your comment ⬆️ Reach out to me for consultation and more tips on how to build your finances ✉️

@ashdb4157 2 года назад

LLC

@jharris8955 2 года назад

@@ashdb4157 Thank you

@alexnjoroge9333 2 года назад

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 2 года назад

@@alexnjoroge9333 Thank you

@ew805 2 года назад

But ... if your modified AGI exceeds certain amount, you can't deduct passive loss, unless certain exception applies to you.

@whatsapchat-5890 Год назад

👆👆👆

@JC-ly8pz 10 месяцев назад

He explains that

@kirkl0766 Год назад

RE professional IS a very hard to get to. IRS will fight it. Be very careful with his bullet proof claims.

@jhuilar Год назад

Watch until then end where he recommends STRs not being a RE professional

@luisortiz15 Год назад

I would like to be your client.

@vans881 Год назад

Great video. Can you cover how to make this tax plan work on a S Corp for a partnership set up?

@EmilyP17 2 года назад

You truly are “the man”! Thanks

@user-ef9si8ob2t 2 года назад

Thanks for your comment ⬆️ Reach out to me for consultation and more tips on how to build your finances ✉️

@christianfiguroa7147 2 года назад

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 2 года назад

Thanks for your comment ⬆️ Reach out to me for consultation and more tips on how to build your finances ✉️

@ogpapafan8552 2 года назад

First

@user-ef9si8ob2t 2 года назад

Thanks for your comment ⬆️ Reach out to me for consultation and more tips on how to build your finances ✉️

@robbiemorgan2062 Год назад

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 Год назад

From watching many of his videos, you will have a to buy a new property every yr.

@HerbertHarris-xk5me Год назад

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 Год назад

Hi I wonder if we keep reporting rental loss would it trigger audit?

@bennyblaze4571 Год назад

How will this apply to a condo?

@innerscorecard9433 2 года назад

Awesome info. Are realtors considered real estate professionals?

@blacklitstl Год назад

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 2 месяца назад

Talked forever didn’t say sh*t 🤡🤡

@marcclark4532 Год назад

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