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.
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.
Real Estate Investing Classes
Interested in learning more about real estate investing? Check out the list of real estate investing classes.