How to Use Rental Losses to OFFSET W2 Taxes! [Part 1]
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- Опубликовано: 2 июл 2023
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Certified Enrolled Agent Karlton Dennis has seen everything in the game, using his knowledge to take advantage of his tax-return every year to write-off some quite luxurious items. The thing is, ANYBODY can do this! How? Find out on today's Taxes Made Simple!
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*Disclaimer: I am not a financial advisor nor am I an attorney. This information is for entertainment purposes only. It is highly recommended that you speak with a tax professional or tax attorney before performing any of the strategies mentioned in this video. Thank you.
#taxes #taxfreeliving #taxexpert #taxreduction #llc
![How to Use Rental Losses to OFFSET W2 Taxes! [Part 2]](http://i.ytimg.com/vi/XSflOWt7kZQ/mqdefault.jpg)
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Hey bud, your videos are money!!!!!🎉🎉 Thank you for all the value. Tell your team to keep up the good work for me. You guys are killing this space. Can't wait for the end of the month challenge. Stay blessed.
Thank you Karlton!! I am truly fan of your work. keep it going!
I ❤ the way you teach! Specifically, you break the tax laws down for easy assimilation. You also provide overviews and takeaways of the video. Thanks Karlton!
Thank you so much! First real estate video I have seen that, not only explains the terms being thrown around but, the actual strategies and the rationale for them.
Absolutely amazing video! 🙌🏽 very thorough explanation of the different avenues to utilize this strategy. Fantastic job 👍🏽
Game changing knowledge for me! Now I have to watch all the other videos.
Stellar presentation along with FACTS makes this a keeper!
Thank you Karlton! I was beginning to look into selling one of my properties where I currently have long-term rentals. However, I am now reevaluating.
Hey, this is an awesome video!!! I really appreciate your style of teaching. I’m going digging in your channel after I finish this series…
Amazing content very detailed in explaining the loopholes for rentals.
This is literally the video that made me follow you… 💪🏽 really appreciate all this information. I look forward to implementing all the strategic tools to my real estate venture. Thanks
I've seen a lot of different videos addressing these topics but yours is truly the best! Thank you sir you have a gift :)
thank you for this video. I’ve just been studying about this and hoping to have enough courage to start this type of invesment
Thanks for the update Karlton🎉🎉
Hi, you’re so right; setting up the rental investment right - from a tax angle - at the beginning is key. Just subed!
Wow! I just came across your video, and I can say I learned so much about tax terminology and information. Thank you very much!
I love this video
Content is amazing love your channels!
Always spitting gems 💎🔥🤙🏼
Bro great information, opened my eyes in soo many ways on why we need real estate
Thank you Karlton!
This is extremely valuable information
One of your best, most informative and helpful videos keep them coming
You are Awesome my friend. Period. Peace.
This was very informative video. Going to check out part 2
Super knowledgeable on the info. Thank You for sharing
Your a wonderful teacher. Im all in
Phenomenal stuff. Excited for part 2.
great channel man. you have a new viewer. thanks for sharing your knowledge.
Also, thank you so much for all this information. Learning a lot from you.
Thanks for this info
Wow such great information. Thank you so much!
Awesome explanation!!
Great information Karlton. Thank you for sharing this with us al.
One of the best moves I ever made in my life. Filed taxes this year and was amazed. I’m hooked. Thank you KD. I looked at an in-depth older video of yours end of last year or beginning of this year about this same topic. And an older video on the tax savings on the different business structures. The laws of the universe and attraction are making my goals inevitable.
does looking for a property count towards the 750 hours needed to offset taxes on your w2/1099 before buying the rental property??
These videos are gold. Thanks mate!
Someone finally made this video. Fantastic work
Great wealth of knowledge. Your explanation skills of this knowledge are on point. Bought an old home in MD for $235k, received 4 lots on one deed with their own tax base. I rebuilt the original home with $200k construction loan and $130k in credit cards. I lived on lot #2 until the rebuild was done and renovated lot #2 as well. Now, I rent lot #2 but it came as one of the gifted lots. I build a work space on the back side of the rebuild to work from. The other two lots are .5 per acre land. I am a self-employed person working from a dedicated space of my home. I did not know I could depreciate my work space (34.23 %) of home. 2021, rented a section of rebuild home (10%) to a friend after closing down my business for six months. trying to understand cost basis to apply depreciation to my home, business and how to file 3115 form for lot #2, I dropped depreciation 1.5 years I had no tenant??
This video was AMAZING!
Great info, thank you
Great video Keep it up!!
Thank you, you got a new subscriber 🙏
One of the best explanations of this subject I’ve ever heard. Thanks!
Such a golden information
Thanks a lot Karlton
The real KD!! What's good Coach
Just dropping comments for the algo King, I definitely need to cop one of your programs though. I’ve been a stock guy for the longest, but I’m ready to throw my hat in the real estate ring 💪🏾
You explained this so well ....
Great videos very informative i love them videos thank you🎉🎉
Great video
Impressive presentation. Thank you for education!
Great info ❤
Karlton, as I understand you, since I am an early retiree who owns rental property, I can claim active rental losses on other income such as pension, social security and the sale of other real estate? Plus, I use my spouse, who is a lawyer to manage the property as well as pay her a monthly legal retainer. Am I going in the right direction? Thanks.
Awesome. Jammed-packed information. I actually stop all my multitasking to focus. Saved to research. Subscribed and liked
Thank you. This was extremely informative.
Great video, great content, thank you!
This is a phenomenal video. It all finally makes send to me. I was perceiving this the wrong way.
Excellent work brother 👊 I’ve led multiple people through this same logic path. Blows their minds 🤯
Thanks. Would love to see a video discussing how the sale of a property might allow carryover PALs to offset W2 income.
hi Karlton, I'm 20 years old. I interested in studying about taxes. I found your channel and it's very helpful (Thanks a lot}
God bless you man! Your a gift 🎁, seriously thank you
Well explained! More of these tips please :)
Thank you for this!
Great job done bro.
Amazing videos and I have always been a big fan.
Wondering if you can do a video on using non profits for write offs and does it provide W2 benefits?
It is 20-30% of the building value on homes and apartments but 100% on shopping centers or business commercial buildings.
You have a new subscriber, sir.
did you ever make the video on creating a management company for dealing with our personal rentals? Any recommendations on finding a cpa that does Cost Segregation study?
Good info
Good knowledge!
We do Airbnb(rent out 1 of our bedrooms. Been doing it for 2.5 yrs. and luv it). But what are all the tax write offs we can use when we do our taxes in Feb.?? Tytyty❤
Never seen it explained any better than this 👍👍👍
This is an amazing video!! This is coming from a seasoned investor
It’s crazy how many Tax pros don’t know the information he put out in this video.
They don’t need to know everything as most people are not investors in real estate
Been studying the topic of using depreciation in real estate to offset taxes and I was thrown a curveball when I came across the term “real estate professional”. This video came right on time and as always, you do such a great job explaining. I do however, find it hard to believe that the “wealthy” are spending 750 hours a year in real estate or own majority of their real estate in short-term rentals… I could be wrong.
Glad I could help. Look forward to sharping your understanding during the Tax Free Wealth Event !
@@karltondennis@karltondennisofficial I love love your content. Can I qualify as a real estate professional status if I'm real estate agent?
@@karltondennis does looking for a property count towards the 750 hours needed to offset taxes on your w2/1099 before buying the rental property??
@@karltondennisI'm treasurer on a board of directors of a 400 plus townhome community. So I eat and breathe property management as
fulfilling my duty as an almost full time volunteer. Would this qualify me as a real estate professional? Bcuz that would be very helpful in my tax life. Great video!!
Great information need to see part 2
Great knowledge than k you
Thanks!
This video was amazing and so helpful. Stopped me from forming a lending business thinking I would be able to deduct expenses from my W2 income.. my question is: if I form a business that specializes in hard money lending and I earn passive income, can that business deduct expenses such as a vehicle that is used greater than 50% of the time for the business? Like traveling to different properties to assess if they are good investments to lend money for. Thanks!
I Love ❤ you for this! Thank you! You have a new subscriber in me.
Excellent video
Karlton I wanted to ask if you do tax returns ? Thanks for all your good information.
Yes. Link in description to book a call
You're such a blessing
Mahalo for this helpful presentation!
freaking brilliant 👏 👌 🙌 bravo
Thank you Karlton!! This video is Gold!!✨
So if you buy land and develop it that requires time and resources do build plus it’s only land value so you can claim depreciation on new property? Does this new property then have to be a short term rental property to offset other rental income. And put all properties under one company a managing company? What makes that business a managing company besides managing the rents/landlord duties?
Thanks for the great video! It sounds like to meet the 100 hours material participation, the short term rental business has to be local. Then how shopping outside states work to meet that criteria? Thank you!
Thank Karlton
Are you in Texas? Great video I’ll be watching more
Link to a video that connects the property management company while remaining within the guidelines of achieving the short term rental property depreciation realization? To rephrase, achieving the 100 hours materially participating but also pairing the property management company aspect?
good job
Man good stuff but a lot to take in ,I know it will pay off🙏🏾
Hey Karlton - if you have a spouse that doesn’t work, can they claim real estate professional status and then file jointly and use their real estate professional status to use passive losses to offset active income?
Yes! Definitely
I think I got 70% of this but it was excellent. Thank you ❤
Thank you for this video very helpful!! QUESTION! My tax professional is stating if I put my current rental property (which was my primary residence and I moved out of it to make it a rental) into an LLC and do a schedule C with him when filing I will be able to write off all of my depreciation and losses etc and deduct that from my W2? Is this correct or is he misinformed? He said the reason I cannot deduct it from my W2 currently is because it’s not in a LLC… just want others thoughts.
@karlton
Are you able to utilize the same scenario as a pertains to rental property in the Turo business utilizing rental vehicles as a ways and means to depreciate. Would love for you to do a video on that I had a leverage Turo kinda like Airbnb. (Goal: Tax Liability)
Hey! Great video. Question - does renting out a bedroom count towards this? 15:25
Hello Karlton you. Ideos are very informative. What tax benefits do I have if I locked in a tenant for a 12 month lease? This is my first rental property I purchased.
Do you need to have a LLC to claim depreciation and get the tax benifits ? For example beginner with 1 rental property LLC fees to have a LLC takes up most your profit with only 1 rental so just regular home owners blanket insurance until I get 3-5 rental to put into a LLC sound correct ?
Yes, but how many weeks a year does the property have to be rented for? What if it is a seasonal property?