are you just spokes person ,because the ones that notified me I have never heard of when I was made to believe it would be Toby Mathis ,can you explain this it kind of like a bait and switch ,which raises a red flag with me .
Yes! You can easily deduct (from your primary residence) your mortgage interest, your home insurance, and your PMI (if you have PMI), AND you can also deduct your "home office" under certain circumstances. But don't trust me, I'm some random dude on RUclips - please research this and read some tax books. I suggest starting with chat gpt to explain it to you, then further researching by reading the tax code yourelf, and then consulting a tax professional if you need. These claims mentioned above are very easy and helpful bring up your tax return by thousands of dollars, and can be done on TurboTax.
great content, i did ask my account about paying my teen give em 1099 and do a deduction, but they told me i need to be a S corp to do that, so i got a little lost there, any thoughts?
yes, some time HOA if it is contains maintenance and management fees these would fall under cash as he explained earlier. You pay to third party to manage the property
Summary: the income are (rent, capital gains and recapture when sell). 9 Expenses: a) cash expenses - Repairs; professional fees as insurances, accountant, lawyer; Property tax; wages under 18 ,IC; mortgage interest; b) Depreciation; Capital gain exclusion; Active up to 25,000 loss; Home office expenses.
Yes. You don't pay your dad's (or whoever else's) taxes. The depreciation goes against YOUR taxable income (or your companies should you classify it as an S or C corp, which is likely unnecessary unless you're making a LOT of profit from the 4plex) So you (as you're probably going through now) have to pay estate taxes of course, but once those estate taxes are paid and titles are in your name, a sale a gift a transfer, are all the same thing- a transfer of ownership. So yes you get to start depreciation lowering your personal income. Its pretty dope.
As an information security professional for nearly 3 decades, I would never recommend that anyone share anything with anyone online or, in this case, in your company literature etc. due to the weirdos out there that can gain access to what your kid looks like, approximate age(s) of your kid(s). It's a poorly thought out idea at best....and I'm not even a parent. Don't do it folks. Don't be sharing your family pictures online with strangers! FB, Instagram etc. etc. Push away from the computer and rethink some popular habits......my two.five cents on that single comment. Otherwise, thank you again for the well thought out presentation, keeping it simple and to the point and focusing on one topic essentially.
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Great topic! Thank you! 😊
Good info!
Good video, thanks. Probably the best summary I’ve seen on this topic.
Glad you enjoyed it!
Good video need more specific info on home office deduction
Great stuff!!
Glad you enjoyed it
Good video for landlord expenses.
Thank you for your content. I really appreciate it.
are you just spokes person ,because the ones that notified me I have never heard of when I was made to believe it would be Toby Mathis ,can you explain this it kind of like a bait and switch ,which raises a red flag with me .
For my primary l leaving house can I write off tax deduction mortgage interest and mortgage insurance?
Yes! You can easily deduct (from your primary residence) your mortgage interest, your home insurance, and your PMI (if you have PMI), AND you can also deduct your "home office" under certain circumstances. But don't trust me, I'm some random dude on RUclips - please research this and read some tax books. I suggest starting with chat gpt to explain it to you, then further researching by reading the tax code yourelf, and then consulting a tax professional if you need. These claims mentioned above are very easy and helpful bring up your tax return by thousands of dollars, and can be done on TurboTax.
Can you do that on a investment but I don't rent it?
great content, i did ask my account about paying my teen give em 1099 and do a deduction, but they told me i need to be a S corp to do that, so i got a little lost there, any thoughts?
My accountant lets me write of my long term insurance .
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How about HOA？Is it deductible ?
yes, some time HOA if it is contains maintenance and management fees these would fall under cash as he explained earlier. You pay to third party to manage the property
What about insurance cost on the property ?
He went over that, falls under his #2 category
🤓 let's go
First
Summary: the income are (rent, capital gains and recapture when sell). 9 Expenses: a) cash expenses - Repairs; professional fees as insurances, accountant, lawyer; Property tax; wages under 18 ,IC; mortgage interest; b) Depreciation; Capital gain exclusion; Active up to 25,000 loss; Home office expenses.
Very educational
Thank you for sharing!
Every account supposed to know this or do I need a special accountant??
They should definitely know this. These are pretty basic expenses
Every accountant except possibly some who specialize in something else
What deductions aren’t allowed if you’re not a “real estate professional”?
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What if you inherit a 4 unit apt building..Does a new depreciation start when titled tranferred to me?
Yes. You don't pay your dad's (or whoever else's) taxes. The depreciation goes against YOUR taxable income (or your companies should you classify it as an S or C corp, which is likely unnecessary unless you're making a LOT of profit from the 4plex)
So you (as you're probably going through now) have to pay estate taxes of course, but once those estate taxes are paid and titles are in your name, a sale a gift a transfer, are all the same thing- a transfer of ownership.
So yes you get to start depreciation lowering your personal income. Its pretty dope.
30min video is 25min to lomg
Not for me! I can use virtually EVERY one of these strategies in managing my portfolio.
As an information security professional for nearly 3 decades, I would never recommend that anyone share anything with anyone online or, in this case, in your company literature etc. due to the weirdos out there that can gain access to what your kid looks like, approximate age(s) of your kid(s). It's a poorly thought out idea at best....and I'm not even a parent. Don't do it folks. Don't be sharing your family pictures online with strangers! FB, Instagram etc. etc. Push away from the computer and rethink some popular habits......my two.five cents on that single comment.
Otherwise, thank you again for the well thought out presentation, keeping it simple and to the point and focusing on one topic essentially.