139: The Best Tax Benefits of Rental Property Ownership w/ CPA Ana Klein

Real Estate Rookie

BiggerPockets

How To, Education, Business, Investing, Entrepreneurship

4.8 • 1.7K Ratings

🗓️ 15 December 2021

⏱️ 56 minutes

🔗️ Recording | iTunes | RSS

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Summary

What 2022 real estate tax strategies do you have prepared? Or maybe the better question is: have you even started to plan for taxes in 2022? If you’re a real estate rookie, you probably are just dipping your toe into the wonderful world of real estate tax deductions. But, without a good bookkeeper, accountant or CPA, you could be missing thousands (if not more) in tax savings. Joining us today for our end of year tax roundup is investor, lender, and CPA Ana Klein. Ana started her real estate journey working as a public accountant, then a private accountant, and finally starting her own business. She saw the massive tax advantages her clients benefited from simply by owning rental property, so she decided to do the same. Now, Ana has a growing portfolio, complete with cash flow and depreciation to offset her income. Ana spends some time today walking through how you, a rookie or experienced investor, can benefit when investing in real estate. She also lays out the ways you can set yourself up for success with a CPA and maximize your deductible income. In This Episode We Cover How to shift from a nine-to-five mindset to an entrepreneurial spirit Converting a duplex into a triplex for only a thousand bucks What should rookies do right now to take advantage of real estate tax benefits Is it ever tax-advantaged to buy a rental property that is losing money? The good (and bad) 2022 tax code changes for real estate investors When you should contact a CPA to help with tax filing And So Much More! Links from the Show Real Estate Rookie Youtube Channel Ashley's Instagram Tony's Instagram Real Estate Rookie Facebook Group Brandon Turner's Instagram Grant Cardone Seminars BiggerPockets MLS InvestorGirlBritt's Instagram Stessa Quickbooks Check the full show notes here: https://www.biggerpockets.com/rookie139 Learn more about your ad choices. Visit megaphone.fm/adchoices

Transcript

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0:00.0	This is Real Estate Rookie, episode 139er.
0:07.0	If you want to pay the least amount of taxes legally possible, you have to utilize front
0:15.8	doors.
0:16.8	That is literally the way to create this.
0:19.8	Tony, it feels like forever since we've been able to do a 9er episode.
0:32.6	But for our new listeners, welcome to the Real Estate Rookie podcast where we break down
0:38.2	the basics as to how to get started in real estate.
0:41.9	We don't just tell you what everybody's doing, but we help guide you to learn how to do
0:46.6	it yourself.
0:48.6	Every episode that ends in a 9er, we say 9er because Tony is a huge Tommy Boy fan.
0:55.3	I'm actually the world's biggest Tommy Boy fan.
0:58.3	I can actually recite the entire script backwards, so just try me.
1:02.3	No, please slide into Tony's DMs with Tommy Boy quotes to see if he knows the correct response.
1:12.3	Actually, no, I'm not a huge Tommy Boy fan.
1:15.6	I was forced to watch Tommy Boy as part of my initiation process for becoming the host
1:19.5	on bigger pockets.
1:20.5	But it's earned a soft spot in my heart now, Ash, so I'm happy that we've bonded over
1:25.4	Tommy Boy.
1:26.4	Yeah, I actually saw in my DMs today, somebody had just listened to an episode where we
1:30.7	were talking about maybe changing up the movie quotes since I always do Tommy Boy and
1:35.2	they care about both of them, but they recommended the Princess Bride and one other movie for
1:40.4	us to do.
	...

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