846: What You Need to Do NOW to Pay Fewer Taxes in 2024

BiggerPockets Real Estate Podcast

BiggerPockets

Education, Business, Investing

4.8 • 16.5K Ratings

🗓️ 20 November 2023

⏱️ 67 minutes

🔗️ Recording | iTunes | RSS

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Summary

If you want to pay fewer taxes or outright avoid taxes in 2024, you’re in the right place. We’re about to give you all the last-chance tax tips and loopholes you can use NOW to pay WAY less in taxes in 2024. All of these are perfectly legal, but many will require some form of real estate investing. Don’t own any rental property yet? Not a problem! You can STILL start planning to pay lower taxes BEFORE you buy! We brought back our two favorite tax experts, Amanda Han and Matt MacFarland, on to the show to share all the last-minute tax tips YOU can use to pay Uncle Sam less and keep more in your pocket. Plus, Amanda and Matt share a tax “loophole” that anyone who makes under $100K per year OR owns a short-term rental property can use to save thousands, if not tens of thousands, in taxes. We’ll also get into common ways anyone can reduce their taxes through retirement account contributions, charitable donations, and more. Plus, the common misconception costing you thousands of dollars in write-offs that you never knew you could take! In This Episode We Cover The one rental property “loophole” that allows you to take a MASSIVE deduction A huge real estate write-off any investor who makes under $100K is able to take Retirement investing and how boosting your nest egg can dramatically lower your taxes Common real estate write-offs that you’ve probably missed How to use your home equity for tax-free income AND a big tax write-off What to do RIGHT NOW to avoid paying taxes in 2024 (and beyond!) And So Much More! Click here to listen to the full episode: https://www.biggerpockets.com/blog/real-estate-846 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	Welcome to the Bigger Pockets Podcast show 846.
0:04.0	Today we're talking about what you can do in the last 30 to 90 days of the year to impact 2023 taxes and get your financial house in order for a better 2024.
0:12.0	And today, on loan from our sister's show
0:14.7	Bigger Pocket's Money Mindy Jensen is joining as my co-host today.
0:18.0	Rob I am so excited to be filling David's shoes today so that he can take a day off and work on
0:26.4	filling out his beard. Well right I know it's getting a little out of control.
0:31.0	Whether you just had a major tax bill do or you're new to real estate can you still
0:36.2	impact how much you're going to pay to Uncle Sam this year? Well we are here to
0:41.5	share some ideas for how you can pay less this year and set yourself up to save more next year.
0:49.6	And that's what we do every single week on the Bigger Pockets podcast.
0:52.7	We bring you stories, how-tos, and answers you need in order to make smart real estate decisions
0:57.3	now in today's market.
0:59.4	By the way, in today's show, you're going to hear how you can write off your pro membership.
1:05.2	Right, that's just a tip. That's just a tip. It's just a tip, not a quick tip, but it's a good one.
1:09.2	It's an extra quick tip.
1:10.8	Welcome to the show, Amanda and Matt.
1:13.2	How are you doing?
1:13.8	Great, thanks for having us Rob and David.
1:15.6	I mean, Mindy.
1:17.2	I know we look a lot of likes, so it is hard to, I get that a lot.
1:20.6	How's everyone doing?
1:22.1	Awesome. I think everyone doing? Awesome.
	...

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