Bonus: How To Reduce (Or Eliminate) Your Taxes With Real Estate Professional Status
Rental Income Podcast With Dan Lane
Rental Income Podcast
4.8 • 836 Ratings
🗓️ 28 October 2021
⏱️ 16 minutes
🧾️ Download transcript
Summary
We talk about what it is, how to qualify, and rules that investors need to be aware of.
Transcript
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| 0:00.0 | inspiring interviews with today's top landlords this is the rental income podcast and now |
| 0:08.4 | dan lay there's so many things to love about owning rental properties and one of the great |
| 0:14.4 | benefits that we get as rental property owners are some really generous tax benefits i I've got a bonus episode of the podcast |
| 0:23.7 | for you today, and we're going to explore one of these great benefits. It's called real estate |
| 0:28.6 | professional status. This is really cool. If you follow the laws and you do things right, |
| 0:35.5 | it's possible to greatly reduce or in some cases even eliminate your taxes. |
| 0:42.6 | Now, there's a lot of little gotchas. There's a lot of little things you've got to figure out. |
| 0:47.1 | And on the show today, we're going to get to the bottom of it. We're going to figure out exactly what we need to do. |
| 0:53.0 | Joining us on the show today for a repeat appearance is Assis from investor-friendly |
| 0:58.4 | CPA.com. |
| 1:00.3 | And Assis is going to walk us through this. |
| 1:02.2 | He'll explain to us exactly how it works and how we can legally reduce our taxes. |
| 1:08.3 | Let's take a really quick break. |
| 1:10.1 | We'll thank our sponsors. We'll come right |
| 1:11.7 | back and we'll talk to Acease. I want to let you know about a really easy way to track your |
| 1:16.6 | rental income and expenses. It's an accounting software custom made for rental property investors. |
| 1:23.7 | It takes just seconds to enter an expense or to record that you collected rent. |
| 1:28.4 | It makes tax time really easy. |
| 1:30.7 | Just run a report and give it to your tax person and you are done. |
| 1:35.3 | They're currently offering a free 30-day trial. |
| 1:38.0 | There's no credit card required, so if you don't like it, there's nothing to cancel. |
| 1:42.4 | You can learn more and sign up today at |
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