Taxes and Real Estate Investing Explained - 370

Your Money, Your Wealth

Realestate, Income, Investing, Personalfinance, 401k, Rothconversion, Retirement, Education, Taxes, Socialsecurity, Personalfinances, Finance, Retirementplanning, Investments, Stocks, Business, Roth, Fiduciary, Ira

2.3 • 681 Ratings

🗓️ 22 March 2022

⏱️ 27 minutes

🔗️ Recording | iTunes | RSS

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Summary

Can multiple rental property losses be written off against other properties or income? What are the pros and cons of putting investment property in an LLC? How do you get the best tax breaks on rental real estate? How does real estate depreciation work? What do you need to think about when turning your primary residence into a rental property? Is a home equity line of credit (HECM, reverse mortgage) a good idea? Also: a complicated property inheritance and self-funding long term care insurance. Financial resources, Ask Joe & Al On Air: https://bit.ly/ymyw-370

Transcript

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0:00.0	Today on Your Money, Your Wealth podcast number 370, taxes and real estate.
0:05.3	Can multiple rental property losses be written off against other properties or income?
0:10.5	What are the pros and cons of putting an investment property in an LLC?
0:14.6	How do you get the best tax breaks on rental real estate?
0:17.6	And how does real estate depreciation work?
0:20.3	What do you need to think about when
0:21.7	you're turning your house, your primary residence, into a rental property? Is a home equity
0:26.6	line of credit or heckum or reverse mortgage a good idea? The fellows also discuss a complicated
0:32.2	property inheritance and then for something completely different, how much is enough to self-fund
0:37.4	long-term care insurance?
0:39.2	I'm producer Andy Last, and here are the hosts of Your Money, Your Wealth, Joe Anderson, CFP, and Big Al Quotvine, CPA.
0:46.9	Hey, Al, a question here from your real estate webinar. It's like, if you own multiple rental properties and you have a significant
0:56.5	loss on one property, can the loss be written off against income from the other properties
1:03.2	or other income? The answer is yes on that. There's there's two kinds of losses that you
1:09.6	could have potentially on a real rental property.
1:12.3	One is just the ongoing losses from your rental property.
1:16.5	In other words, your rental income, minus your expenses, minus depreciation creates a loss and
1:21.1	maybe a significant loss.
1:23.0	That's considered a passive loss.
1:25.2	That passive loss can be used against any other property that has income.
1:29.6	So the answer is yes, you can net those two together.
1:32.7	The other way you can have a significant loss is if you sell a property, add a loss,
	...

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