Episode 21: Saving on Taxes with Real Estate Investing

Send us Fan MailIn this episode, I cover two powerful real estate strategies that have allowed investors to save tens of thousands of dollars in taxes. The first strategy is achieving Real Estate Professional Status and the second is using the Short Term Rental Loophole. Bonus depreciation has supercharged the ability of these strategies to decrease the tax burden for W-2 and 1099 employees.  REPStracker App can be used to help document your hours for Real Estate Professional Status. For more information on Real Estate Professional Status, refer to Look IRS Sec 469c(7). You can learn more at. https://www.irs.gov/publications/p925For more information on the “short term rental loophole,” refer to IRS Reg. Section 1.469-1T(e)(3)(ii)(A).There are two great books written on real estate and taxes The Book on tax Strategies for the Savvy Real Estate investor by Amanda Han & Matthew MacFarlandThe Book on Advanced Tax Strategies Vol 2. by Amanda Han & Matthew MacFarlandPlease subscribe and leave a review on your favorite Podcasting platform. You can learn more about Elisa at her website or follow her on social media.Website: www.GrowYourWealthyMindset.comInstagram https://www.instagram.com/GrowYourWealthyMindsetFacebook https://www.facebook.com/ElisaChianghttps://www.facebook.com/GrowYourWealthyMindsetYouTube: https://www.youtube.com/c/WealthyMindsetMDLinked In: www.linkedin.com/in/ElisaChiang Please subscribe and leave a review on your favorite Podcasting platform. Get 12 Financial Mistakes that Keep Physicians from Building Wealth at https://www.growyourwealthymindset.com/12financialmistakesIf you want to start your path to financial freedom, start with the Financial Freedom Workbook. Download your free copy today at https://www.GrowYourWealthyMindset.com/fiworkbookDr. Elisa Chiang is  a physician and money coach who helps other doctors reach their financial goals by mastering their money mindset through personalized 1:1 coaching .You can learn more about Elisa at her website or follow her on social media.Website: https://ww.GrowYourWealthyMindset.comInstagram https://www.instagram.com/GrowYourWealthyMindsetFacebook https://www.facebook.com/ElisaChianghttps://www.facebook.com/GrowYourWealthyMindsetYouTube: https://www.youtube.com/c/WealthyMindsetMDLinked In: www.linkedin.com/in/ElisaChiang Disclaimer: The content provided in the Grow Your Wealthy Mindset Podcast...