368: Pay Less Tax to the IRS This Year With THESE Real Estate Tax Strategies w/Natalie Kolodij

Real Estate Rookie

BiggerPockets

How To, Education, Business, Investing, Entrepreneurship

4.8 • 1.7K Ratings

🗓️ 16 February 2024

⏱️ 49 minutes

🔗️ Recording | iTunes | RSS

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Summary

Want to pay less money to the IRS in 2024? We’ve got the real estate tax strategies to help you do just that. And get this—you don’t need a large real estate portfolio to benefit from these money-saving tax tips! Welcome back to the Real Estate Rookie podcast! Today, real estate tax strategist Natalie Kolodij lends her expertise on the many tax benefits of real estate investing. Natalie is not only a certified public accountant (CPA) but also a fellow investor, and in this episode, she shares the unique real estate investing strategy she used to get started—flipping mobile homes! She also dives into the different types of partnerships and their tax advantages, as well as common house hacking misconceptions that cause new investors to miss out on important deductions. Need to sell a property? You’ll want to know about the exclusion that allows you to avoid capital gains tax. Natalie even gets into the short-term rental “loophole” that investors can use to reduce their taxable income each year. Of course, you don’t need to master the tax code before buying your first property—you just need to find a tax professional who specializes in real estate. So, Natalie offers three questions you MUST ask before hiring one! In This Episode We Cover: Must-know 2024 tax strategies for the small rookie investor Crucial real estate questions to ask a tax professional before hiring them How to plan and file taxes for different types of partnerships Common house hacking misconceptions that cost investors thousands of dollars The short-term rental “loophole” that allows you to reduce your taxable income How to dodge capital gains tax when selling your investment property The most common tax mistakes that new investors make (and how to avoid them!) And So Much More! Links from the Show Find an Agent Find a Lender Ashley's BiggerPockets Profile Ashley's Instagram Tony's BiggerPockets Profile Tony's Instagram Real Estate Rookie Facebook Group Join BiggerPockets for FREE Submit Your Real Estate Rookie Question! Apply to Be a Guest on the “Real Estate Rookie” Podcast Hear Natalie on the “BiggerPockets Money” Podcast What You Need to Do NOW to Pay Fewer Taxes in 2024 How to (Legally) Avoid Taxes by Investing in Real Estate Seeing Greene: CPAs Answer YOUR Top Investing and Tax Questions The Biggest Real Estate Tax Loophole You’ve (Probably) Never Heard Of Connect with Natalie: Natalie's BiggerPockets Profile Natalie's Facebook Natalie's LinkedIn Natalie's Instagram Natalie's Website Check the full show notes here: https://www.biggerpockets.com/blog/rookie-368 Interested in learning more about today’s sponsors or becoming a BiggerPockets partner yourself? Email: [email protected] Learn more about your ad choices. Visit megaphone.fm/adchoices

Transcript

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0:00.0	This is real estate rookie episode 368.
0:05.6	There's not a one size fits all approach
0:07.8	to taxes for all investors including rookies,
0:11.5	but today we are going to focus on the small rookie investor in tips for
0:16.7	strategic tax planning for this year in 2024, and the tips that are commonly missed too, so you guys are going to learn at all.
0:24.0	I'm Ashley Kerr and I am joined by my co-host Tony Robinson.
0:29.0	And welcome to the Real Estate Rookie Podcast where every week, week twice a week we bring you the
0:34.0	inspiration motivation and stories you need to hear to kick start your
0:37.7	investing journey and today we have none other than Natalie Kaladi who is
0:41.6	really like an expert amongst the experts when it comes to real estate tax strategy and we're super excited to have her on.
0:48.0	So Natalie welcome to the show now obviously we're going to talk about taxes but first I know that you also do a little bit
0:54.0	investing yourself so I'd love to hear about how you got started.
0:57.1	Yeah absolutely I got into tax and real estate at the same time and kind of an accident. I always knew I wanted to do real estate and literally like a week after I graduated college for tax.
1:09.0	I did what you absolutely shouldn't do, which is I signed up for one of those weekend
1:13.2	guru seminars or I paid way too much money to just get like sprinkled information that
1:18.0	isn't super helpful. But what it did was kind of kick-started me on that path, and it's actually how I found bigger pockets was trying to find the information I needed that they didn't actually explain to us.
1:30.0	So that's kind of how I started in real estate was just both at the same time.
1:34.0	And because of that overlap, I just ended up really specialized in real estate tax.
1:38.0	That seminar tried to push us into wholesaling as a starting point,
1:42.0	didn't go well, and what I actually ended up
1:44.1	starting with was flipping mobile and manufactured homes and selling those
1:48.2	on owner financing so that was my entry into real estate. So talk about the kind of mindset you were at at that point in time. Why did you even decide real estate?
	...

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