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How to Use Rental Losses to OFFSET W2 Taxes! [Part 2]

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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!
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*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:

8 июл 2023

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Комментарии : 86

@richhands5269 Год назад

My three favorite channels: Karlton Dennis, Stock Brotha, & Richard Fain. Make my week complete!

@siddacoolest 5 месяцев назад

This is a masterclass in real estate taxes

@bashar9200 Год назад

I love how you expain not only the pros but also the challenges and cons of investment

@sohelsaleem2578 4 месяца назад

These two videos are all you need for real estate investing. This is treasure.

@LC-gu2sc 5 месяцев назад

Thank you, I have been trying to understand this stuff for yrs. You nailed it. Very clear explanation. Thx you.

@theycallmeeyou1 Год назад

Great series. Keep this up and would love to see case studies or examples with pretend numbers

@SaifAli-ub1lf 7 месяцев назад

I've been watching KD since he had less than 100k subs. Over half a million now. WOW, well deserved brudda! Cant wait to work with you in the future.

@rickertpropertygroup Год назад

Karlton is straight up knowledge base!! Incredible content! Thanks for your great content Sir!!! Best, Mark Rickert

@LNW8 6 месяцев назад

Excellent video. So glad to have found this channel.

@wilgensdorisme3414 5 месяцев назад

Abundant blessings upon you and your business. I love the real estate game for building generational wealth

@dannythomas99 4 месяца назад

Straight to key points and very concise/clear!!!👍👍👍 thank you! You are very smart man at your age 👍

@julhe8743 5 месяцев назад

Thank you for all your videos very informative 🙏 if a rental become my primary residence and I live there for 3 years and decide to sell. Do I have to pay recapture depreciation and capital gains?Ty

@aleksandrshibko4211 Месяц назад

Great information!

@JoeSmith-fr7jx 5 месяцев назад

BTW…Awesome videos…need a Tax Strategist, which I just learned existed, instead of a CPA…will continue to watch and learn…thanks!

@thomaspoucher4089 3 дня назад

Okay. So I’ve clearly missed something. If I am a w2 employee.. and own one home that I rent out. It will be passive income.. I really stand to gain nothing. There’s no tax advantage to doing this. Someone correct me if I’m wrong. I cannot use it to offset my w2.. creating a paper loss will be extremely difficult with standard depreciation

@yerandysilva4815 Год назад

Great video. More clear how to invest in real state. Thanks 🙏

@ewr322 Год назад

wow! i didn't realize a 1031 allows you to carry over the depreciation! I love how you break it all down!

@marqueslabbe1105 29 дней назад

Thank you!

@keithhowes5692 8 месяцев назад

Cost segregation + 1031 exchange! Love it.

@Kulintronica Год назад

This series strings together several tactics KD goes over on his channel for a holistic strategy. Stick with this channel and marinate on all the information

@user-ic6kq4vt9t Год назад

is there a limit to how much w-2 income you can offset ? YES there is! Karlton never mentions it! Can you hire a management company and not jeopardize the 100 hr material participation test? NO - Karlton does not mention this! Can you do a 1031 and defer the property that was claimed as bonus depreciation property? NO - Karlton does not tell his viewers this either!

@Kulintronica Год назад

@@user-ic6kq4vt9t hello stranger all the points you've brought up exist in my notes from Karlton's lessons. The topics are complicated. I would also find it hard to condense this information in a RU-vid video. Good luck to you

@srinuneeli 4 месяца назад

Good video, but as per my understanding is that you can do a cost seg study on long term investment rental property and take the advantage of bonus depreciation only if you have a real estate professional status

@user-xl5oh1kj5o 21 день назад

so then the obvious next question is, when is the optimum time, as an investor, to sell the property you have been taking accelerated depreciation on, and roll it over into a new property?

@HuongNguyen-zx2rr 9 месяцев назад

Instead of the living trust, what do you think of the lady bird deeds to pass on your real estate properties to your heirs when you die with the same step up in basis benefits?

@johnnyayala8438 Год назад

Step up in basis rules have changed recently tho, correct?

@tj7280 7 месяцев назад

This video should have 10,000,000 views in 1 day🎈

@lisaday8583 Год назад

I learned that step up in basis is going away? Any advice?

@tomicachampion-hayes9938 4 месяца назад

New subscriber! Awesome content, forwarding to my family investors. Considering your services …

@stevenvogel3961 4 месяца назад

Do you buy a short-term rental House cash or do you take a mortgage

@KellyMay-vq2kt 4 месяца назад

Enjoyed your show. Started an abnb business this year. Have questions... may we call you? Need help with the tax forms to file. Thanks!

@blazer6021 Год назад

Will it be worth it for someone use accelerated depreciation if they make less than 100k AGI?

@denismuchiri1995 Год назад

Well put! Wish they taught this in school

@EAster33 7 месяцев назад

Time Value of Money = Infinity Limitless from JJK. Mind blown

@hipzwhitetower7413 6 месяцев назад

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

@rstscott 2 месяца назад

Someone please educate me. Does all of this basically mean that you have to have Airbnb’s or vacation rentals. It seems like none of it applies to residential rentals.

@MaskedArtisan Год назад

I swear I already watched this like 2 days ago .. did you have to reupload?

@johnjbbradley827 5 месяцев назад

Wow he explained it all!!

@sahebbothe8776 6 месяцев назад

Great presentation and awesome stuff.

@user-hj2ge8ph7q 2 месяца назад

So how do I actually find a STR and profitably rent it out?

@retiredboss4831 5 месяцев назад

Why doe it matter if the properties are in a revokable trust to get a step up basis?

@justinphillips1761 4 месяца назад

First investment and tax videos that are interesting and make me laugh, wonderful job 😂🎉

@MichelleBarhamblog Год назад

This is more great information. Love it ❤

@prophetseven728 6 месяцев назад

What if you put your children on the property title. Like a quickclaim. So they are one of the owners. Than would they have to pay any taxes or anything. Since they already own the property!?!

@JoeSmith-fr7jx 5 месяцев назад

Of course the Challenge occurs when I’m on vacation…when is the next one after the Mar18-22 2024?

@davidrobinson8184 11 месяцев назад

Great Video!! Thank you!

@crazy3rdgen 10 месяцев назад

So if I make 300k a year w2 income... I need a cost seg that will be 300k to offset my taxes lol.

@wilgensdorisme3414 5 месяцев назад

You are awesome brother

@karltondennis 5 месяцев назад

Thank you. I appreciate you

@davidhannon234 2 месяца назад

Carlton, Is there an app you recommend or a way to effectively record material participation for section 469? Our CPA said it needs to be recorded as it occurs in the event of an audit. Appreciate any insight. Love the channel.

@davidhannon234 2 месяца назад

Karlton. Auto correct.

@josep9451 Месяц назад

Do you take that through Schedule C or E?

@TopGoodBoi 7 месяцев назад

Could you take accelerated depreciation on a Short Term rental in year 1....then switch that property to a long term rental in year 2 and not have any tax issues? Or does this property have to stay a STR for its duration?

@user-nw5ey6uk5h 5 месяцев назад

good job

@jeffkojac4121 4 месяца назад

Thanks!

@mattstone8878 Год назад

This man has some amazing teeth. They shine like the sun. 🌞

@thehaitianambassador215 Год назад

I remember when he had 50 followers. He keeps dropping gems.

@mmm4638 6 месяцев назад

So when taking out the depreciation value on a 5 year then selling in 5 years is reasonable? Not not subjcet to penalties?

@djo988 5 месяцев назад

Am I able to hire someone at your firm, (I'm in VA), or can you recommend a real estate accountant here in Central Virginia?

@seekingsummits 11 месяцев назад

My understanding is if u inherit a home even outside of a trust you still get the benefit of the step up in basis. Is this not correct?

@caribbeangirltv9468 10 месяцев назад

💎 dropped thanks my brother

@samshown8666 10 месяцев назад

I have a W2 and some long term rental properties. I don't want to get into Air B&B or anything like that in terms of short term rentals. What are my options to save on my W2 taxes? All my rentals are in an LLC S-Corp

@debrathompson554 8 месяцев назад

You are incredible!

@shadowmere8078 2 месяца назад

Finding tenants for short term rentals

@latinconnectionhi5338 Год назад

Can you get all the benefit of tax deduction with leases property and use it for Short term rental

@TooManyPBJs Год назад

Could you maybe make a video on how do our taxes ourselves? E.g. LTR goes on what form, MTR goes on what form, STR goes on what form? A lot of accountants do not even know about cost segregation. Cost segregation goes on what form, etc Would be super useful thanks!

@prophetseven728 6 месяцев назад

Shame 1031 exchange only works on property to property. Not Investmet to investment. Like if you want to sell your land property and buy Stock property. Or say invest in a and open up a business.

@debjitkanjilal 7 месяцев назад

Do you guys help doing taxes?

@platinumheritage2320 2 месяца назад

Can I maximize these loop holes by renting out my basement?

@TimAmukele 9 месяцев назад

Why do you love us so much? This is amazing.

@sistersybilgordon4525 6 месяцев назад

TELL THE TRUTH THE WHOLE TRUTH SO HELP US ALL NOW IN THE MIGHTY NAME OF JESUS!!!

@MikeHawk-zh3yl Год назад

Will you sell the recording of your seminar challenge, I freakin missed it

@user-cc5lk5sm5y 7 месяцев назад

hi from Costa Rica

@gaffs82 Год назад

What if I wanna cash out myself and not pass to the children? Is there a way to sell properties that you have depreciated without paying the tax?

@HuongNguyen-zx2rr 9 месяцев назад

I read somewhere that you have to live in it as your primary residence for at least 2 yrs then sell it.

@wsmaga Год назад

Can you do a 1031 and buy 2 properties.

@raybarshingrai6893 Год назад

Yes, i did it.

@josephsarh4193 7 месяцев назад

Karlton how do i get intouch with you?

@INKTOXICATEDDJ Год назад

hello! i love your videos. are you at all open to partnerships?

@user-ic6kq4vt9t Год назад

Well he took down my comments! Karlton must not like the fact that real tax professionals tell his viewers his advice is incomplete! BEWARE folks

@rondabolton13 10 месяцев назад

What part is incomplete

@rondabolton13 10 месяцев назад

He is a real tax pro tho

@user-ic6kq4vt9t 10 месяцев назад

@@rondabolton13 The property that the cost seg study identified and was written off is now what is called 1245 property. It is NOT eligible for 1031 exchange since it is no longer "real property". It actually can invalidate the 1031 exchange in total if it is greater than a certain % of the exchange. Furthermore, Code Section 461(l) - excess business losses, limits the STR rental loss that can offset W-2 or 1099 income. Lastly, he makes it sound like meeting the material participation requirements of 469 for STR is easy - it is not and there are numerous cases where IRS disallowed the taxpayers' claims of material participation

@justinphillips1761 4 месяца назад

If you're a short-term investor you would not want to immediately turn around and sell what you just depreciated or depreciate something you're about to sell i guess lol

@benjay8178 9 месяцев назад

thank you Karlton greak info for us I am trying to invest long term rental real estate how can we work together do you have web side or contack number thank you Bobby Burhan MIAMI FLORIDA