I'm not sure how a guy who doesn't even do his own taxes ended up presenting an entire class on rental property tax deductions, but that's exactly what happened.
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Here are the rental property tax deductions covered:
- Above the line versus below the line and a discussion of standard deduction versus itemizing your deductions
- The tax free sale of a primary residence including how this often confusing for new Nomads™, the 2 out of 5 year rule and more.
- House hacking and roommates and how to calculate the percentage of your property you're using as a rental
- Depreciation, how it works and some real estate investing rules of thumb
- Depreciation recapture and how that works (it is different than what I thought heading into the webinar)
- Accelerating depreciation through cost segregation
- Deducting repairs and maintenance including some safe harbor provisions
- Deducting utilities and dealing with billback and including utilities in rent
- Home office deduction and how to calculate the percentage
- Real estate investing related travel
- Business meals
- Closing costs
- Property management costs and fees
- Insurance premiums
- Mortgage interest
- Accounting, legal and other professional fees
- Losses from casualty and theft
- Property taxes
- Trade tools required for your to be a real estate investor
- License, registration fees and taxes
- Business entity pass-through deduction and related discussions
- We created a Rental Property Log for you to log your hours to qualify for the safe harbor provision. Download it and use it to stay compliant.
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