Real Estate Tax Strategies with Rebecca Kelly, CPA

Описание: Matthias and Jordan dive into real estate income and taxes with CVI's friend and CPA, Rebecca Kelly.

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It’s a big week, as Matthias and Jordan host the Wilson’s and CVI’s amazing CPA, Rebecca Kelly from Testu & Taylor to talk tax strategies and concepts. We dive into paper losses, passive v. active income, carrying it forward, offsetting, and much more. We also discuss the nuances with which one must think about all the different ways you might make money, because the IRS sure does. Finally, don’t call it a tax shelter.

In related news, Matthias has his own coffee mug at Testu & Taylor because he’s there so often, but he’s never contributed to the coffee supply. A line-item fee has been named in his honor. It’s an all-new Get Invested.

*If you’re looking for a great accounting firm, look no further: https://testutaylor.com/

KEY TAKEAWAYS

1. According to the IRS, there are different kinds (buckets) of income, active v. passive, income v. capital gains, and many more. It’s important to know and understand them (or have a CPA that does).

2. Even though real estate appreciates, you can claim depreciation and lower your tax burden.

3. You can carry passive losses indefinitely until you have the income to offset them.

4. The optimum tax strategy is to align passive losses with passive income/gains.

5. You can offset gains from one real estate investment with losses from another.

TOPIC & TIME

05:31 - Understanding the Role of a CPA in Real Estate
15:12 - Navigating Paper Losses in Real Estate Investments
26:07 - Leveraging Tax Benefits Through Reinvestment
38:34 - Types of Income v. Types of Deductions
42:27 - Tax Advantages of Real Estate Compared to Other Investments


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