77: CPA Answers Depreciation, House-Hacking, and Rookie Tax Questions

Real Estate Rookie

BiggerPockets

How To, Education, Business, Investing, Entrepreneurship

4.8 • 1.7K Ratings

🗓️ 12 May 2021

⏱️ 62 minutes

🔗️ Recording | iTunes | RSS

🧾️ Download transcript

Summary

Amanda Han is a familiar face to the BiggerPockets audience. She’s been featured on the BiggerPockets podcasts before and has written multiple books published by BiggerPockets (The Book on Tax Strategies for the Savvy Real Estate Investor & The Book on Advanced Tax Strategies). Amanda has worked with lots of real estate investors and invests in real estate herself, so she’s answering some common questions that rookie investors have about taxes. We run through a mix of topics such as deductions, depreciations, home-office write-offs, expenses, legal entities, and when you should get a CPA. Amanda also talks about some of the most common deductions that rookie investors miss. She also talks through different software for tracking your business expenses, recording your mileage, and keeping your business finances up to date. It may seem like a lot of information to keep track of, especially when you’re in the middle of a rehab/flip or even just managing your rental. Amanda stresses how important it is for you not only to find a high quality, real estate friendly CPA, but also that you keep them in the loop. If you’re thinking of buying, selling, or transferring property, it’s incredibly important to keep your CPA notified on all things related to your real estate business. That way, you keep more money in your pocket and are able to grow your portfolio even faster! In This Episode We Cover The most common tax mistakes that rookie investors make The best way to track your expenses (and your different options) When you should consider, interview, and hire a CPA The best questions to ask a CPA if you’re interviewing them Home office deductions, mileage deductions, and more When the best time to form a legal entity is (if needed) What to write off when you’re house hacking And So Much More! Links from the Show Real Estate Rookie Facebook Group BiggerPockets Forums Ashley's Instagram Tony's Instagram Quickbooks Excel Appfolio Buildium Rookie Podcast 75: From Working on Oil Fields to Passively Investing in Real Estate with Travis Watts BiggerPockets Pro and Premium Membership BiggerPockets Pro Perks (Exclusive deals like Amanda's Course) Jumpstart Your Tax Savings as a Real Estate Investor Check the full show notes here: http://biggerpockets.com/rookie77 Learn more about your ad choices. Visit megaphone.fm/adchoices

Transcript

Click on a timestamp to play from that location

0:00.0	This is Real Estate Rookie Show, number 77.
0:05.5	But Texas doesn't have to be scary.
0:07.5	It's not your job as an investor to understand
0:11.9	all these different rules and regulations.
0:14.4	Your job really is to keep your advisor updated
0:20.0	on what transactions you have coming down the pipeline.
0:24.4	My name is Ashley Care and I am here with my co-host,
0:28.0	Tony Robinson and believe it or not.
0:30.0	But we actually recorded four episodes today.
0:32.7	We are on a roll.
0:35.4	I'm like losing my voice a little bit.
0:37.1	My butt's getting sore.
0:38.2	But where are we in the home stretch now?
0:40.2	But it was all good stuff, right?
0:41.3	It was all for a good reason.
0:42.7	I know I can't believe you haven't noticed yet.
0:45.3	But I changed my shirt from the first three recordings.
0:48.0	I thought for sure you would notice right away.
0:50.4	And say to me, oh, you don't want to have to see you shirt on.
0:54.5	I didn't even notice that.
0:56.0	We have like a five-minute break and I actually
0:58.6	scarfed down some sushi and I spilled soy sauce on my white shirt.
	...

Please login to see the full transcript.

Previous episode | Next episode

Disclaimer: The podcast and artwork embedded on this page are from BiggerPockets, and are the property of its owner and not affiliated with or endorsed by Tapesearch.

Generated transcripts are the property of BiggerPockets and are distributed freely under the Fair Use doctrine. Transcripts generated by Tapesearch are not guaranteed to be accurate.