Real Estate & Taxes 101: High Income Homeowners & Homebuyers

Описание: Owning real estate can be a tax-efficient way to build wealth. This video focuses on key tax considerations for high-income earners in California who are buying or own their primary residence. It covers topics such as mortgage interest and property tax deduction limits, the homeowners tax exclusion, tax basis for depreciation and capital gains, and the tax implications of various events. Building wealth tax efficiently can significantly accelerate your financial growth.

Takeaways
• Mortgage interest and property taxes are generally deductible, subject to limits.
• The homeowners tax exclusion allows for significant tax savings on capital gains.
• Capital gains can be offset by losses from other assets like stocks.
• Re-financing is not a taxable event but may have tax consequences.
• Homeowners should retain final settlement statements and receipts from improvements for future tax considerations.
• Wealth building through real estate is a slow burn, not a “get rich quick” thing. People often acquire and hold multiple properties to reach financial freedom.
• Consulting a tax professional is crucial for navigating complex tax situations.
• Tax laws can change, so staying informed is important for financial planning.

Chapters
• 2:00 Tax Deductions for Homeowners: Mortgage Interest and Property Taxes
• 12:05 Home Purchase Expenses and Their Tax Implications
• 15:43 Homeowners Tax Exclusion: What You Need to Know
• 17:17 Understanding Depreciation in Real Estate
• 19:38 Capital Gains and Losses Explained
• 20:37 Taxable Events in Home Selling and Refinancing
• 23:08 First-Time Home Buying Considerations, Wealth Building Through Real Estate

Please watch Real Estate & Taxes 102 – For Rental Properties    • Real Estate & Taxes 102 – For Rental Prope...  

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