Real Estate Investing for Beginners | Best Rental Property Tax Deductions!
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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: 32
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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
24 күн 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
24 күн 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
24 күн бұрын
I'm a long term investor, I withdrew my profits of over £61,000 during the covid-19 pandemic.
@Jessecote875
24 күн 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
24 күн 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.
Is long distance travel deduction legitimate for international travel if you have a property outside of US?
Your creativity knows no limits. 🎨
Your video is very clear and appreciated I've been investing for more than 40 years, great job on your video
@karltondennis love the content can you make a video on tax deductions for insurance agents with 1099 tax filing
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.
Does having a contractor to put a fence for your rental property a tax deductible?
@tmac9208
27 күн бұрын
Why would it not?
@jayc4715
26 күн бұрын
@@tmac9208Because it's an improvement and not a repair
@tmac9208
26 күн 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
26 күн бұрын
@@tmac9208 yup ..👍
Can you show us the tax codes you’re referring too?
Can you take these deductions if you paid cash for your home ? Or only works with loans ? Anyone ? Thanks
@mike2959
28 күн 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
28 күн бұрын
@@mike2959is this applying only for multi family? I bought a house with full apartment downstairs and planning to rent that.
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
❤
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?
Use a qualified CPA folks. Not an IG personality who says you can write off your birthday party!!....and haircuts...yes he has dine so