How Real Estate Investors Can Lower Their Tax Bill With Bob Russo (Ep 508)

Rental Income Podcast With Dan Lane

Rental Income Podcast

Business, Investing, Entrepreneurship

4.9 • 805 Ratings

🗓️ 11 February 2025

⏱️ 28 minutes

🔗️ Recording | iTunes | RSS

🧾️ Download transcript

Summary

Taxes can be confusing and overwhelming. It's easy to tune it out.

Bob Russo is a CPA that works with a lot of investors. Bob thinks it's a good idea for investors to understand the basics of how taxes work so they can ask their CPA more concisely.

On this episode, we discuss the deductions every real estate investor should take, strategies for rental property investors to reduce their taxes, and how LLCs affect taxes.

https://rentalincomepodcast.com/episode508

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Transcript

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0:00.0	Inspiring interviews with today's top landlords.
0:04.7	This is the rental income podcast.
0:07.6	And now, Dan Lane.
0:09.8	Taxes can be confusing and overwhelming and it's easy to kind of just tune it out and not even worry about it.
0:17.1	But Bob, you think it's important for real estate investors to take some time to
0:23.1	kind of figure out the basics of how taxes work. Well, put it simply, something we do in our
0:30.6	practice all the time is we try and educate our clients because then they can ask more
0:35.4	concise questions. And then when we talk about the tax
0:38.8	law, they're not so in space and not understanding what we're talking about. It helps them be able
0:44.8	to understand us more and it helps them understand more how much they're saving and the things
0:48.8	they need to do to save money. So it's important for our clients to understand the lawyer to the extent that they can,
0:55.2	and we like to help them do that. I agree. You don't need to be an expert on taxes, but I think
0:59.8	having a bit of a foundation and knowing some of the basics will let you have a better
1:04.1	conversation with your CPA and hopefully lead to you saving money on taxes. On the podcast today, we're going to talk about
1:12.0	some of the deductions that all real estate investors should be taking. We'll talk about
1:17.0	some strategies to reduce your taxes. And I've got a few questions about LLCs. Joining us on the
1:23.1	podcast today from New York City is CPA Bob Russo. We'll take a quick break to thank your sponsors. We'll come
1:30.2	right back and we'll talk to Bob. I want to let you know about a really easy way to track your rental
1:35.7	income and expenses. It's an accounting software custom made for rental property investors.
1:42.5	It takes just seconds to enter an expense or to record that you collected rent.
1:47.2	It makes tax time really easy.
1:49.5	Just run a report and give it to your tax person and you are done.
	...

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