689: Landlord Tax Loopholes That’ll Help You Pay ZERO Taxes in 2022
BiggerPockets Real Estate Podcast
BiggerPockets
4.8 • 16.5K Ratings
🗓️ 17 November 2022
⏱️ 71 minutes
🧾️ Download transcript
Summary
Non-investors hate real estate tax loopholes. It always seems like the wealthiest landlords, apartment owners, or short-term rental hosts walk away with not only massive income but little-to-no tax bills at the end of the year. Are investors unethically avoiding taxes OR are they carefully, quietly using the tax code to build wealth and bring their tax burden down to zero? And if the big investors can do it, can average investors use the same strategies?
Whether you own one, ten, or a thousand rental units, Matt Bontrager, CPA at TrueBooks, has a solution for you. He’s been working with real estate investors for years to help them minimize their tax burdens and maximize their portfolio values. And unlike most CPAs, Matt can explain these strategies in a way that excites you, instead of slowly lulling you into a depreciation-induced dream.
Matt touches on the most powerful ways to eliminate your taxes in 2022. These tax strategies work for almost every type of investor, whether you’ve got a full-blown business or just a short-term rental side hustle. These tax tactics, when used correctly, can allow you to walk away from 2022 with a bigger refund, no tax bill, or years’ worth of losses to roll over so you walk into 2023 in a better reposition than ever before.
In This Episode We Cover:
The massive short-term rental tax “loophole” most investors are unaware of
Tax preparers vs. advisors and when you should start hiring these team members
Cost segregation studies and using them to eliminate years’ worth of tax bills
Bonus depreciation write-offs and why every investor MUST take advantage of this before the end of the year
Real estate professional status, its benefits, and what you need to do to obtain it
Tax avoidance strategies the wealthy use that almost any investor can mimic
And So Much More!
Links from the Show
Find an Investor-Friendly Real Estate Agent
Listen to All Your Favorite BiggerPockets Podcasts in One Place
Learn About Real Estate, The Housing Market, and Money Management with The BiggerPockets Podcasts
Get More Deals Done with The BiggerPockets Investing Tools
Find a BiggerPockets Real Estate Meetup in Your Area
Understanding Rental Property Depreciation—A Real Estate Investor’s Guide
4 Real Estate Tax Strategies That Can Protect You From Inflation
Books Mentioned in the Show
Tax Strategies by Amanda Han & Matt MacFarland
Advanced Tax Strategies by Amanda Han & Matt MacFarland
Connect with Matt:
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Transcript
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| 0:00.0 | This is the Bigger Pockets podcast show 689 |
| 0:04.0 | I can buy a $50,000 car put no money down and if let's say say it's over 6,000 pounds and all that |
| 0:11.0 | I can get a $50,000 deduction for not putting any money down |
| 0:15.4 | So that's why depreciation is so powerful because you get so much more you get so much bang for your buck |
| 0:21.2 | We'll say |
| 0:22.2 | What's going on everyone? This is David Green your host of the Bigger Pockets real estate podcast |
| 0:26.0 | He's David by cohost Rob Abbasolo who brought in one of his friends and people that work with him Matt Bond Trigger |
| 0:32.5 | Who is a managing partner at True Books CPA and does Rob's tax planning? |
| 0:37.8 | So we got into a great conversation with Matt which I think was maybe one of the most fruitful and |
| 0:44.3 | simplistic explanations of how to save money in taxes that I've ever had |
| 0:48.5 | Rob, what did you think? Yeah, man? So this specific episode really came out of one of the more common |
| 0:54.1 | Questions that we get but a very specific YouTube comment is okay if I read it really fast. Yeah, let's hear okay |
| 1:00.2 | So says hey Dave and Rob I'm a big fan and think you guys are great |
| 1:03.5 | So let's just take a minute to marinate on that. We're great, David don't forget that |
| 1:07.1 | I think it would be awesome if you guys could go deep into the short-term rental loophole |
| 1:10.4 | Go deep on the tax savings of bonus depreciation through cost segregation |
| 1:14.5 | What you touched on a little in this episode? Thanks and keep the great information coming so yeah |
| 1:19.9 | I think the cost segregation the short-term rental loophole or who pull whatever you want to call it |
| 1:24.7 | It's a really big topic right now |
| 1:26.8 | I'm seeing it all over Instagram all over TikTok and we just we bring in a pro to actually come in and lay it down and just |
| 1:34.2 | Give us all we need to know |
| 1:36.0 | So I'm excited because I think a lot of people after today's episode are all of a sudden going to be like hmm |
... |
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