199A Deduction for Real Estate Investors and Professionals
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- Опубликовано: 19 окт 2024
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The 199A Deduction is certainly available for real estate investors (both short-term and long-term), but it is a tricky proposition with laws of strategies consider. Learn the basics here.
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love your videos great content ,Thanks for sharing God Bless!
Love your videos- thanks so much you Rock 🤗
Can i get tax planning and execution without having to learn it all myself. I don't enjoy taxes, i don't want to be an expert in taxes, I want my assets, expenses, and incomes reviewed by someone smarter than me and be told what to do.
Am i realistic in my goals or is a tax preparer only as good as i am?
I do appreciate your enthusiasm, it helps me tolerate the topic.
You absolutely can get tax planning and execution without learning it all yourself! The problem is there is a wide range of skill levels in tax preparers and you get what you pay for in that regard. If you go to a volume tax preparation place, you need to know everything because they just type into a software. Ironically, you might pay similar to a CPA anyway.
The other hand, you need to communicate with your CPA. I have had clients go do things that jack up their taxes that could’ve been structured slightly differently to save them tons. Unfortunately, they didn’t talk to me until after the fact and at that point nothing could be done.
I have a single rental property that I pay a management company to handle. Can I use the 199A for this? I did not spend 250 hours on the property, but if they did, does that count? And would I need to get that documentation from the property management company? I'm guessing I cannot do this.
Are you a real estate professional? I think that's the condition to use it.
Hi Mark, how long can that 199A loss be carried forward if your income is negative this year ?
Well, my understanding is the loss will get carried forward by the IRS until the 199A deduction disappears in 2023/24. Remember, you DO NOT want it to get carried forward....that's the bummer for some with this legislation...but anyway, it's here for now until it phases out.
This is great! I am just 199A... Until I buy my first rental property!
how is that? at minute 6:45 . when you say you can have loses even though you have cash flow. could you explain
For rental properties, this normally occurs due to depreciation. The building portion gets written off over 27.5 years or 39 years depending on type as it wears out like a car. This depreciation doesn’t reduce your tax flow but does count as an expense on your taxes. So a property that has net cash flow of 10k but depreciation of 15k has a 5k loss on taxes.
Can't find your longer 199A video. Can you share a link
This is the most recent one I have on 199A deduction.
@@MarkJKohler oh sorry, I thought you mentioned a longer video on 199A in this one. Maybe I got confused. Love the videos, thanks for sharing so much great content.
@@chrismorgan9697 No worries. Thanks so much for supporting my channel!
Well...I pulled it and re-shooting. It is SO COMPLICATED and I was getting some hate mail on it because I was to 'general'. :) Stay tuned.
Ok...just finished 2 hours of videos (Part I and Part II). They are in my Tax and Legal Library. Yes...I'm sorry...but it's a very affordable fee for access to the videos and it's a lifetime membership. 60+ videos. I've had it available to clients for 9+ years and shoot updates every year. RARELY does anyone ask for a refund. They are power packed full of info and especially on this 199A deal. Slides for it too. Check it out at: markjkohler.com/product/tax-legal-library/