Loopholes, Write-Offs, and 2023’s Best Real Estate Tax Strategies

Real estate tax strategies are plentiful. In fact, real estate investing is one of the most tax-beneficial investments you could make, with a plethora of tax write-offs and loopholes you can use to avoid taxes legally. But, if you’re new to real estate investing or don’t know about many of these strategies, you could pay tens of thousands extra every year, limiting your portfolio’s growth. That’s why we brought Amanda Han, CPA and real estate investor, onto the show.
Amanda has been helping investors lower their tax burdens for decades. As an investor herself, she’s had to grow her professional and personal knowledge to take advantage of as many tax deductions as possible. She’s so fluent in the real estate tax code that she even wrote the books on tax strategies for BiggerPockets! Dave and Henry spend today’s interview asking Amanda the tax questions you may have been too scared to ask your CPA.
We’ll touch on the most significant changes in the 2023 tax code, the big blow to investors starting next year, cost segregations explained, the short-term rental tax loophole, and why you should start planning NOW for next year’s taxes. If you want to pay fewer taxes, buy more real estate, and keep more of your hard-earned passive income in 2023, this is the episode to listen to!
00:00 Intro
02:21 2022 Taxes Q&A
08:56 2023 Tax Deductions and Tracking 101
16:15 Advanced Strategies to Cut Your Tax Bill
20:35 The Major Change in 2023
27:23 Cost Segregation Explained
31:17 The Short-Term Rental Tax "Loophole"
34:14 How to Find a CPA/Strategist
36:58 Connect with Amanda!
38:12 Prepare to Pay Less
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Grab Amanda’s Books:
The Book on Tax Strategies for the Savvy Real Estate Investor: store.biggerpockets.com/produ...
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Connect with Amanda:
BiggerPockets: www.biggerpockets.com/users/k...
Instagram: @amanda_han_cpa or / amanda_han_cpa
Website: www.keystonecpa.com/
Tax-Saving Toolkit: www.keystonecpa.com/eBook-Dow...
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Episode 64
Show notes at: www.biggerpockets.com/blog/on...
#biggerpockets #onthemarket #onthemarket64

[@martakoutsogiannis7188]

Always enjoy show with Amanda. Big fan of her thank you!

[@jillyanmacmorris5176]

This one was awesome! I love hearing from Amanda. Water for a thirsty mind. Thank you!!

[@AmandaYHan]

Thanks and glad you enjoyed the episode

[@FIRE_DrNinjaTurtle]

Awesome show. This is an intelligent show that really benefits investors

[@prudeylou]

Thanks Amanda! Guess i better reconcile all of the receipts from my BP Con trip this year ;)!

[@antonioalford-el6208]

I wonder if a landlord without an llc can use the 179 exception for car purchase if its used solely for the property?

[@AmandaYHan]

You can potentially claim bonus depreciation on cars used for your rentals with or without an LLC. Make sure to work with your tax advisor though since there are differences in the amount depending on the vehicle itself, business use percentage, and other possible limitations to keep in mind.

[@antonioalford-el6208]

@@AmandaYHan If I short term rented part of the year I qualify as a Real estate professional or active professional to pay less taxes against my w2?

[@naominaomi2688]

This guest is intelligent!

[@aaa-pp]

Great tip, using that one credit card for RE related. I've been cheating myself.

[@jickumathew6949]

Amanda does keystone do cost segregation studies in Tx?

[@HottgirlzinMiami]

I loved “thinking about taxes all through the year” it’s more than just tax time.
I have realized this being a 1st time tax preparer with United Way