Rental Property Tax Deductions

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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This class was taught on January 6, 2021 by James and IRS Enrolled Agent, Jassen Bowman via webinar.

Here are the rental property tax deductions covered:

  1. Above the line versus below the line and a discussion of standard deduction versus itemizing your deductions
  2. 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.
  3. House hacking and roommates and how to calculate the percentage of your property you're using as a rental
  4. Depreciation, how it works and some real estate investing rules of thumb
  5. Depreciation recapture and how that works (it is different than what I thought heading into the webinar)
  6. Accelerating depreciation through cost segregation
  7. Deducting repairs and maintenance including some safe harbor provisions
  8. Deducting utilities and dealing with billback and including utilities in rent
  9. Home office deduction and how to calculate the percentage
  10. Real estate investing related travel
  11. Business meals
  12. Closing costs
  13. Property management costs and fees
  14. Insurance premiums
  15. Mortgage interest
  16. Accounting, legal and other professional fees
  17. Losses from casualty and theft
  18. Property taxes
  19. Trade tools required for your to be a real estate investor
  20. License, registration fees and taxes
  21. 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.
  22. And, we have a bunch of related bookkeeping and accounting classes for real estate investors for you as well.

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